Russia's Putin says attempts to destroy WTO or lower its role counterproductive

A logo pictured outside the World Trade Organisation headquarters next to a red traffic light in Geneva, Switzerland, on Oct 2, 2018.
A logo pictured outside the World Trade Organisation headquarters next to a red traffic light in Geneva, Switzerland, on Oct 2, 2018.PHOTO: REUTERS

OSAKA (REUTERS) - Russian President Vladimir Putin said on Friday (June 28) that attempts to lower the role of the World Trade Organisation (WTO) or to destroy it are counterproductive.

"This is clear that it (global trade) needs to be adapted to the present-day developments... We consider counterproductive any attempts to destroy WTO or to lower its role," Mr Putin said at a meeting of leaders from the Brics (Brazil, Russia, India, China and South Africa) countries on the sidelines of the Group of 20 summit in Osaka, Japan.

He added that the current situation in the global economy was worrying, as global trade was feeling the effect of "protectionism, (and) politically motivated restrictions".