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World Trade in Harmony With Regional Deals

World Trade in Harmony With Regional DealsWorld Trade in Harmony With Regional Deals

The world trade rules will be mainly regulated by regional agreements instead of WTO standards within the nearest 15 years, Chairman of the Eurasian Commission Viktor Khristenko said.

“I’m thoroughly convinced that the future lies in the integrated regional structures,” Tass quoted Khristenko as saying.

Within the next 15 years, around 60% of the world trade will be regulated by regional preferential agreements instead of WTO standards, he said, adding that “this is a sustainable trend, which reflects discontent towards WTO regulations and rules and impossibility to alter them.”

Chairman of the Eurasian Commission also said that in recent decades the world has been influenced by two major trends — globalization and regionalization, which have been going hand in hand, sometimes “colliding with one another.”

However, the 2008 crisis revealed the problems, Khristenko said, adding that “it was not a financial crisis, but it was a crisis of globalization, as by that moment it had become clear that there were no effective mechanisms to manage the global processes.”

This defined the emerging of regional integrations, he added.

  Settlement

All disagreements on Kyrgyzstan’s accession to the Eurasian Economic Union (EEU) have been removed, Chairman of the Board of the Eurasian Economic Commission Viktor Khristenko said following the first meeting of the Eurasian Intergovernmental Council at the Gorki residence of the Russian government on 6 February, BelTA reported.

Khristenko informed that the work on the protocols specifying the agreement on Kyrgyzstan’s accession to the EEU will be completed within a week. The agreement on Kyrgyzstan’s accession was signed at the end of 2014. These documents are to be submitted to the EEU heads of state in March.

 

Financialtribune.com