Putin urges international community to avoid limiting global trade

Russian President Vladimir Putin on Monday said the international community should avoid building artificial limitations to global trade in order to make modern economy effective and socially responsible.

Putin spoke at a news briefing for the upcoming St. Petersburg International Economic Forum (SPIEF).

“A 21st-century economy that is effective, built on forward-thinking business models, and socially responsible, and one that adheres to strict environmental standards and takes account of people’s real needs is something that is in our interest.

“If we are to meet these challenges, it is important that we do not allow artificial limitations to curb multilateral trade, finance, manufacturing, or investment.

“We need to correct the imbalances that exist in global markets,’’ Putin said.

According to Putin, countries should strive toward increasing mutual trust, developing integration processes and implementing large-scale and promising projects.

“Russia is always open to this kind of partnership and cooperation.

“I am confident that this Forum will see the development of worthwhile ideas and initiatives that will facilitate the recovery and growth of world economy,’’ the president said.

SPIEF, held annually in Russia’s second largest city of St. Petersburg, is a major global platform for communication between business representatives, and discussion on crucial economic issues.

This year’s event will take place from May 24 to May 26.