Putin expects trend towards regionalization of world economy to continue

SOCHI, October 27. /TASS/. Russian President Vladimir Putin expects the trend towards regionalization of the world economy will continue. "It is absolutely evident that economic cooperation must be mutually advantageous and be based on general universal principles, so that each state could become a full-fledged participant in the global economic life," Putin told a session of the Valdai international discussion club. "In the mid-term prospect, the tendency towards regionalization of the global economy will apparently continue, but regional trade agreements should complement, develop, and not substitute universal norms and rules," the president said. The president said the world cannot become stable without ensuring an ongoing development of the global economy and that is why it is so important to create conditions for constructive labor, not to have the world divided into those eternally winning and those eternally losing any longer. "The rules of the game must be such that we see the developing economies having a chance to at least catch up with whom we are calling the developed economics," he said. It is necessary to level the pace of economic development, to give a boost to the lagging behind countries and regions in order to make the products of economic growth and technological development accessible for all, he explained. Putin said this will help do away with poverty - one of the gravest problems of the present day. Putin said these are the underlying principles of the Eurasian Economic Union, and talks are also underway with Chinese partners. "We expect that this will make it possible to create big economic partnership, which in the future may turn into one of the centers for shaping a broad integration contour in Eurasia," Putin said. He also drew attention to a need for taking care of the environment as well as settling climatic problems. Putin believes these tasks will come to the forefront in the coming decades. He also listed global health care among these tasks. Read more