The Deputy Speaker of the Federation Council took part in the Parliamentary Conference of the World Trade Organization in the UAE.
Deputy Speaker of the Federation Council Nikolai Zhuravlev took part in the Parliamentary Conference of the World Trade Organization in Abu Dhabi, UAE.
The Senator’s report was titled, “Abu Dhabi and beyond: Shaping and strengthening a multilateral trading system that serves common interests.”
Nikolai Zhuravlev noted that the global economy was facing numerous challenges, including poverty and inequality, the effects of climate change, and the artificial involvement of political considerations and pressure in economic processes.
“Countering these challenges calls for consolidating the international community’s efforts. Perhaps, international trade is the most important tool for promoting interaction, since it links many national economies. Politically motivated decisions negatively impact sustainable development and undermine the international trading system. As noted by Federation Council Speaker Valentina Matvienko, many international organisations are losing their original purpose under the tremendous pressure they are facing.
Nikolai Zhuravlev noted that processes have been underway within the WTO in recent years that were triggered by mutual complaints regarding compliance with commitments and fundamental differences regarding the future of global trade. “The adoption of a range of discriminatory sanctions packages against Russia which restrict trade is a striking example. This runs counter to the fundamental WTO principles.”
However, the Senator emphasized, that it did not hinder Russia’s progress. As of late 2023, GDP grew by 3.6 percent, which is above the global average. Russian entrepreneurs managed to quickly redirect their exports to countries that did not impose sanctions on them.
As things stand, Nikolai Zhuravlev went on to say, it is important to ensure lack of discrimination in trade relations and improve resilience to existing global economic challenges.
“Under the circumstances, strengthening the WTO’s main functions as a negotiation, monitoring, and arbitration vehicle has become the main prerequisite for boosting its effectiveness. Russia has remained an active participant in this process and is making a constructive contribution to the efforts to find mutually acceptable solutions,” the Senator said.
According to him, stepping up the interparliamentary dialogue on regulating world trade is crucial to make this work a success. “We are ready to pursue such a dialogue and will use our current CIS and BRICS chairmanship and contacts at the Inter-Parliamentary Union, the Asian Parliamentary Assembly, the Asia-Pacific Forum, and other formats with Russian parliamentarian representation to get there,” the Deputy Speaker of the Federation Council said.
Nikolai Zhuravlev also spoke during the session, “Digital trade in an era of sustainable economy,” which was held as part of the WTO Parliamentary Conference as well.
The Senator noted that e-commerce drives innovation. Online retail platforms and marketplaces help sellers and buyers find each other faster, even if they run their businesses from different countries which, among other things, tends to stabilise global supply chains. Micro, small, and medium-sized companies, as well as social groups with limited economic potential, gain access to new markets.
“Digital trade is making strides in the Russian Federation. Last year, the turnover of e-commerce in Russia grew by 28 percent to 6 trillion rubles,” the Deputy Speaker of the Federation Council said.
Nikolai Zhuravlev said that Russia paid special attention to strengthening its digital and financial sovereignty. An effective domestic financial market infrastructure has been formed in recent years, including a national payment system. The ranking and auditing industry is expanding as well.
“The availability of a properly functioning secure and depoliticised cross-border payment system that exists outside national jurisdictions is among the key prerequisites for promoting international trade,” the Senator said.