Exclusive: Putin's Economy Chief Warns of 'Disintegration' of World Trade
Summary
Maxim Reshetnikov, Russia’s Minister for Economic Development, warned that the international trade system is at risk of falling apart. He asked the U.S. to focus on fixing important global trade issues like fair rules and dispute processes at the World Trade Organization (WTO) instead of the current G20 trade topics proposed by the U.S. government.Key Facts
- Reshetnikov, a member of President Putin’s cabinet, appealed to the White House to help protect global trade.
- The G20 ministers will meet in Milwaukee before a leaders' summit at President Donald Trump’s golf club in Miami in December.
- The U.S. proposed G20 topics include stopping forced labor in supply chains, updating the Most-Favored Nation trade rule, opposing use of food as a trade weapon, and addressing overproduction.
- Reshetnikov questioned if these topics address the most urgent problems facing world trade today.
- He urged focusing on restoring fair trade rules and the WTO’s dispute system.
- The U.S. imposed new tariffs in July on 37 countries, including Russia and China, for not preventing forced labor in exports.
- Reshetnikov agreed fighting forced labor is important but said it should not create trade barriers or harm trust between countries.
- On overproduction, Reshetnikov said producing more than a country consumes can be normal if based on real competitive advantages.
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