7 Jun 2019 16:59

Globalization might turn into its own parody - Putin

ST. PETERSBURG. June 7 (Interfax) - There are two potential scenarios for international development, one of which is a transformation of the universalist model of globalism, Russian President Vladimir Putin said at a plenary meeting of the St. Petersburg International Economic Forum (SPIEF) on Friday.

"We are facing two extreme options, two possible scenarios. The first is a transformation of the universalist model of globalization into a parody, a caricature of itself," Putin said.

In that case "universal, international rules will be substituted by laws, administrative and judicial mechanisms of one country or a group of influential states, which is what the United States is doing today by spreading its jurisdiction all over the world," he said.

Putin reminded the audience that he had mentioned that scenario 12 years ago.

"This kind of model not only contravenes the logic of normal inter-state communication and emerging realities of the complex polycentric world order but also, more importantly, fails to meet objectives of the future," Putin said.

The other scenario of international development means "fragmentation of the global economic space, a policy of unlimited economic egoism, and its promotion by force," he said.

"This is the road to never-ending conflicts, trade wars, or even not just trade ones. So to speak, there will be no-rules fighting of everyone against everyone else," Putin said.

New agreements which everyone would honor are necessary for building a steadier and fairer development model, Putin said.

"However, talk of this economic world order will be nothing but vain wishes unless our discussion is centered on such notions as sovereignty, the right of each country to choose its own development path, and responsibility for one's own and everyone else's sustainable development," he said.

The subject of this legal regulation should "definitely not be pushing for the single, the one and only correct canon, but harmonization of national economic interests and principles of interaction and competition between states with various development models," Putin said.

"The elaboration of these principles should be as open and democratic as possible. This is the foundation for adjusting the global trade system to modern realities and raising the effectiveness of the WTO, and for giving other international institutions a new meaning instead of breaking them," Putin said, adding that "needs and interests of developing countries should be reckoned with by deeds instead of words."