MOSCOW (Sputnik) — Preferential trade agreements pose a threat of destabilizing global trade system, Russian President Vladimir Putin said Sunday.
"There is a real risk that preferential and closed agreements could lead to the fragmentation and destabilization of the global trading system. Therefore, [we are] convinced that regional integration processes must necessarily be based on generally accepted standards, clear and transparent rules and harmoniously complement, not substitute, the multilateral trading system," Putin said speaking at the meeting with the delegations of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
Over the weekend, the leaders of the BRICS countries have met for the group's eighth summit in India’s Goa to discuss a plan for cooperation in the near future as well as a wide range of political, economic and security issues.