ST PETERSBURG, May 22 (RIA Novosti) – Free trade is one of the key drivers of the global economy, the CEO of Russian steel and mining giant Severstal said Thursday at the St Petersburg International Economic Forum (SPIEF).
"Today international trade is the most efficient instrument to speed up growth," Mordashov said. "Any restrictions on free trade are very dangerous – we call on the leaders of G20 nations to refrain from imposing additional trade restrictions," Alexey Mordashov said.
The panelists of the first session of the forum discussed the challenges to business-driven growth and called on the leaders of G20 countries to refrain from imposing trade obstacles, including economic sanctions.
“Sanctions are harmful for both – those who impose them and those on whom they are imposed,” Mordashov said.
The St. Petersburg International Economic Forum is an annual gathering of political and business leaders. The three-day SPIEF 2014 opened Thursday, uncompromised by Western sanctions against Russia.
This year’s conference, the 18th in history, will welcome about 6,500 guests, including more than 609 heads of major Russian and foreign corporations. Some 75 countries have sent official delegations to participate in the forum.
The World Economic Forum’s report “Enabling Trade Index” published in April indicated that the world’s large emerging economies face enormous challenges as they seek to enable trade and progress to the next stage of their development.
The G20 pledged to add value to the global trade agenda and to focus on steps to strengthen the multilateral trading system at the World Trade Organization instead. In 2013, WTO members agreed on a package of measures to tackle trade obstacles. The issue is also key for Australia’s 2014 presidency in the G20.
