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Preferential Agreements May Destabilize Global Trade System - Putin

© Sputnik / Alexei Druzhinin / Go to the mediabankRussian President Vladimir Putin during the news conference following the meeting of the BRICS member states' leaders at Taj Exotica hotel in Goa, the Republic of India, October 16, 2016
Russian President Vladimir Putin during the news conference following the meeting of the BRICS member states' leaders at Taj Exotica hotel in Goa, the Republic of India, October 16, 2016 - Sputnik International
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Russian President Vladimir Putin said that through regional integration between BRICS and BIMSTEC countries the flow of goods and capital was increasing, the pace of economic development and new jobs creating were accelerating.

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).

(L-R) Brazil's President Michel Temer, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and South African President Jacob Zuma pose infront of a sand sculpture ahead of BRICS (Brazil, Russia, India, China and South Africa) Summit in Benaulim, in the western state of Goa, India, October 15, 2016 - Sputnik International
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He noted that through regional integration between BRICS and BIMSTEC countries the flow of goods and capital was increasing, the pace of economic development and new jobs creating were accelerating.

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.

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