06:39Russian Federation Council Chairperson Valentina Matviyenko said that the World Trade Organization (WTO) was experiencing now the 'biggest crisis in its history', while speaking at a plenary session of the 10th BRICS Parliamentary Forum in St Petersburg on Friday.
"The WTO (World Trade Organisation) is experiencing the biggest crisis in its history, associated with the actual paralysis of multilateral negotiations, mutual claims of WTO member countries in terms of fulfilling their obligations and fundamental disagreements on the further development of global trade. To improve the effectiveness of the WTO, it needs to be reformed to resume the full work of all its bodies, including by strengthening its core functions," she said.
Matviyenko also claimed that despite ongoing Western sanctions, Russia had accumulated 'considerable experience' in trading with 'friendly' countries using national currencies.
"Thus, last year the share of settlements for Russian exports in the so-called toxic currencies of unfriendly countries was halved. At the same time, from 2021 to 2023, the share of the rouble in settlements for Russian exports increased almost threefold: up to 39 percent. In total, our country has increased the use of national currencies in settlements with friendly countries to 75 percent," she added.
In turn, Iranian Parliament Speaker Mohammad Bagher Ghalibaf called on the members of the BRICS association to introduce "digital currencies, establish a unified banking system" for international payments and "get rid of the dollar".
The 10th BRICS Parliamentary Forum takes place in St Petersburg from July 11-12, with delegations from 17 countries participating. According to organisers, parliamentarians are discussing ways to improve the efficiency of international relations, counter fragmentation of multilateral trade, address the consequences of global crises, and enhance humanitarian and cultural co-operation.
'WTO is experiencing the biggest crisis in its history', needs reforms - Russian Federation Council Chair Matviyenko
Russian Federation Council Chairperson Valentina Matviyenko said that the World Trade Organization (WTO) was experiencing now the 'biggest crisis in its history', while speaking at a plenary session of the 10th BRICS Parliamentary Forum in St Petersburg on Friday.
"The WTO (World Trade Organisation) is experiencing the biggest crisis in its history, associated with the actual paralysis of multilateral negotiations, mutual claims of WTO member countries in terms of fulfilling their obligations and fundamental disagreements on the further development of global trade. To improve the effectiveness of the WTO, it needs to be reformed to resume the full work of all its bodies, including by strengthening its core functions," she said.
Matviyenko also claimed that despite ongoing Western sanctions, Russia had accumulated 'considerable experience' in trading with 'friendly' countries using national currencies.
"Thus, last year the share of settlements for Russian exports in the so-called toxic currencies of unfriendly countries was halved. At the same time, from 2021 to 2023, the share of the rouble in settlements for Russian exports increased almost threefold: up to 39 percent. In total, our country has increased the use of national currencies in settlements with friendly countries to 75 percent," she added.
In turn, Iranian Parliament Speaker Mohammad Bagher Ghalibaf called on the members of the BRICS association to introduce "digital currencies, establish a unified banking system" for international payments and "get rid of the dollar".
The 10th BRICS Parliamentary Forum takes place in St Petersburg from July 11-12, with delegations from 17 countries participating. According to organisers, parliamentarians are discussing ways to improve the efficiency of international relations, counter fragmentation of multilateral trade, address the consequences of global crises, and enhance humanitarian and cultural co-operation.
Russian Federation Council Chairperson Valentina Matviyenko said that the World Trade Organization (WTO) was experiencing now the 'biggest crisis in its history', while speaking at a plenary session of the 10th BRICS Parliamentary Forum in St Petersburg on Friday.
"The WTO (World Trade Organisation) is experiencing the biggest crisis in its history, associated with the actual paralysis of multilateral negotiations, mutual claims of WTO member countries in terms of fulfilling their obligations and fundamental disagreements on the further development of global trade. To improve the effectiveness of the WTO, it needs to be reformed to resume the full work of all its bodies, including by strengthening its core functions," she said.
Matviyenko also claimed that despite ongoing Western sanctions, Russia had accumulated 'considerable experience' in trading with 'friendly' countries using national currencies.
"Thus, last year the share of settlements for Russian exports in the so-called toxic currencies of unfriendly countries was halved. At the same time, from 2021 to 2023, the share of the rouble in settlements for Russian exports increased almost threefold: up to 39 percent. In total, our country has increased the use of national currencies in settlements with friendly countries to 75 percent," she added.
In turn, Iranian Parliament Speaker Mohammad Bagher Ghalibaf called on the members of the BRICS association to introduce "digital currencies, establish a unified banking system" for international payments and "get rid of the dollar".
The 10th BRICS Parliamentary Forum takes place in St Petersburg from July 11-12, with delegations from 17 countries participating. According to organisers, parliamentarians are discussing ways to improve the efficiency of international relations, counter fragmentation of multilateral trade, address the consequences of global crises, and enhance humanitarian and cultural co-operation.