World Trade Organisation is not perfect, but there is no alternative

Russia has made a lot of efforts in order to be a member of World Trade Organisation. WTO requires member states to comply with its rules and concluded agreements. Russia, in its turn, does not comply with all requirements, but it is a member of WTO. Recently the chief of Russian ministry of economic development, Maksim Oreshkin, stated that WTO is not ideal and it needs optimization.

He also mentioned, that the WTO is object of criticism because settlement of disputes as well as decisions making take too long. Organisation also does not secure execution of multilateral trade rules effectively. But this organisation is unique. It is the only international body, who handles global trade and secures equal conditions for all its members.

According to Maksim Oreshkin, as long as there is no better alternative, WTO is a “king” of global trade regulation. And it is in Russia’s best interests to “maintain the central role of WTO in world economy and international trade, with due consideration of WTO effectiveness for global benefit”.