Reforms of Financial System Most Important Issues on G20 Summit Agenda - Putin

VLADIVOSTOK (Sputnik) — The Russian president added that the issue of trade barriers removal should also be discussed at the summit.

"I would like to draw attention to two points of great interest that correspond to the goals of Russia and Russia's Far East region, and they have been formulated in a proper way by our Chinese friends. The first is innovative development, we consider it extremely important…. The second part is the international financial architecture. We have recently seen the expansion of quotas for the developing economies in the International Monetary Fund, but we believe this is not enough, bearing in mind the growing weight of the developing economies," Putin said at the Eastern Economic Forum in Vladivostok.

An IMF quota determines the maximum amount of financial resources member countries must provide, voting power and access to financing, according to the fund. At present, IMF members with the largest quota are the United States, Japan and Germany. In 2010, the G20 group of countries agreed to shift voting power to dynamic developing market nations such as China, India, Brazil and Turkey.

The G20 Summit will take place in the Chinese city of Hangzhou on September 4-5.