Medvedev: Common Rules in Global Economy Crucial Amid Partnerships Creation

Russian prime minister Dmitry Medvedev said that Russia is not against international partnerships and associations such as TPP trade pact, however, there is a need for common rules in economy and trade.

ZHENGZHOU (China) (Sputnik) – Russia is not against international partnerships and associations such as the Trans-Pacific (TPP) Partnership trade pact, however, there is a need for common rules in economy and trade, the Russian prime minister said Tuesday.

"I would like to directly emphasize that our country is not opposed to such partnerships as TPP and other associations, but we would like to understand what will happen to global trade, what the fate of the World Trade Organization, joined by all of us, will be and where the universal rules for [dispute] resolution exist. It is extremely important for us to live in a predictable world, so that in this world there have been common rules of behavior in the economic area," Dmitry Medvedev stressed.

According to him, the situation in global economy becomes more and more complicated due to attempts to undermine the trade relations’ architecture and to create all kinds of exclusive partnerships.

Medvedev Urges Talks on Economic Partnerships Between EEU, SCO, ASEAN

"Russia offers to start consultations between the EEU [Eurasian Economic Union], the Shanghai [Cooperation] Organization and their acceding member states and ASEAN nations [Association of Southeast Asian Nations] to discuss the possibility of forging economic partnerships based on equality and respect for mutual interests," Medvedev said.

The Russian prime minister urged to create an integrated SCO transport system, which he said was key to all major business projects. He underscored the significance of Russia’s Trans-Siberian Railway and the Baikal-Amur Mainline as two of the major transport arteries.

The Eurasian Economic Union is a bloc created by Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan to streamline the flow of goods, capital and labor. Russian President Vladimir Putin said last month that about 40 countries were considering signing deals on a deregulated trade zone with the EEU.