Putin advocates 'new architecture' for world economic relations
Addressing the St. Petersburg International Economic Forum on June 10, President Putin called for "a new architecture of international economic relations." According to a transcript of the speech posted on the Kremlin's website, kremlin.ru, Putin said that while 50 years ago, 60 percent of the world's gross domestic product came from the Group of Seven industrialized countries, today 60 percent of the world's gross domestic product comes from outside that group. "The developing counties are more actively occupying niches not only in trade in commodities, but also in services," he said. "Competition from new players is growing, including in the hi-tech and science-intensive fields. At the same time, the imbalance in the development of the global economy, increasing the gap between poor countries, is being keenly felt.... I am convinced that general words about the fair allocation of resources and investments will solve nothing. In the interests of stable development, it is necessary to form a new architecture of international economic relations -- relations built on trust and mutually beneficial integration. And therefore, not forgetting about healthy competition, we should nevertheless move toward the formation of common interdependent interests and ties." Putin added: "The new architecture of economic relations also implies a fundamentally different approach to the work of international organizations. More and more evidence has appeared lately that the existing organizations do not fully cope with regulating the global international market. Structures created with the expectations of a small number of active players at times look archaic, undemocratic, and unwieldy. They are far from recognizing the present-day apportionment of power." The "Financial Times" reported on June 10 that the St. Petersburg International Economic Forum was attended by 6,000 delegates, including scores of international chief executives, among them the heads of Deutsche Bank, BP, Royal Dutch Shell, Nestle, Chevron, Siemens, and Coca-Cola. According to the British daily, business deals worth more than $4 billion were signed at the conference, including an order by Aeroflot for Boeing jets. JB // Copyright (c) 2005. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036. RFE/RL
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