Russian econ min: WTO internal controversy looks like dead end

MOSCOW, Jun 1 (PRIME) -- Member countries of the World Trade Organization (WTO) still cannot come to a consensus on cooperation and decision-making within the organization mainly due to the position of the U.S., and the situation looks like a dead end so far, Russia’s Economic Development Minister Maxim Oreshkin told reporters on Friday following a meeting of WTO trade ministers.

“The discussion took place yesterday at the time of announcement of aluminum and steel duties against the E.U., Canada and Mexico by the U.S. Negotiations between the U.S. and China will begin in a few days, and the U.S. has again made very tough declarations toward China,” he said.

On Thursday, the U.S. announced introduction of a 25% duty on steel and a 10% duty on aluminum imports from the E.U, Canada, Mexico, South Korea and some other state excluding Argentina from Friday.

Oreshkin said, “That is why the atmosphere was so negative and anxious, posing high risks to the global economic dynamics in the upcoming quarters and years… A situation which looks like a dead-end so far.”

Most of the ministers supported maintaining and observing the WTO principles with Russia being an active participant of all discussions, he added.

Oreshkin also said that a number of WTO members proposed creating a new trade dispute mechanism preventing the U.S. from blocking WTO decisions as now most decisions cannot be made because of the country’s position.

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