Russian PM Medvedev: WTO Needs Overhaul, Dissolution Should Not Be Implied

PORT MORESBY (Sputnik) – Russian Prime Minister Dmitry Medvedev on Saturday noted the need to renovate the World Trade Organization (WTO), suggesting that this should not bring a fall in its influence or the collapse of the organization.

"Just like many other countries, we acknowledge that the organization [WTO] indeed needs to be renovated but this should not imply a decrease in its influence, undermining the basic principles of its work or its dissolution which might mean the collapse of civilized trade," Medvedev said at an APEC Summit in Papua New Guinea.

The Asia Pacific Free Trade Area should be created only on the basis on the WTO norms, Medvedev pointed out, calling on joint efforts to increase the effectiveness of the WTO and its regulatory role in global trade.

"We hope that the Asia Pacific energy sector will develop on the basis of market principles and without any illegitimate unilateral restrictions," Medvedev said at the APEC Summit in Papua New Guinea.

Medvedev added that energy cooperation in Asia Pacific should develop without illegitimate unilateral restrictions.

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Russian Prime Minister also noted that global economy has recovered from 2008 crisis but recovery process is too slow.