Consequences of economic globalization were discussed during GF-2018

Experts of GF-2018 discussed issues of development of the world economy, free trade, economic integration and influence of sanctions. Spikers analyzed consequences of uneven globalization benefits distribution and its influence on economic, production, financial, social and cultural world trends.

Issues of world trade post-crisis growth tempo were discussed.

Herman Van Rompuy, President of the European Policy Centre told about economic state of the EU. He said that the EU developed free trade and negotiated on the creation of such zone actively with many countries, including Japan, Brazil, Argentina, Mexico and Indonesia. The EU has three pillars: united market, currency and visa-free space. They are to be strengthened, if the EU wants to overcome future crises.

The President of the European Policy Centre marked that the EU remains to be the union of values. Key values are peace and democracy. “The EU feels better than several years ago. Since 2014 we have created 10 mln working places. Social life is better in the EU than in many other states”, - Herman Van Rompuy said.

At the same time, if a country wants to leave the union or just declares such wish, it wll provoke financial consequenses. “Even countries not sharing the EU values do not want to leave it. The union is more flexible than many people think. But we cannot focus only on ourselves. We are a part of global economy. That is why we protect openness and step forward against direct protectionist measures”, - The President of the European Policy Centre marked.

A representative of the USA Anne Krueger, Senior Research Professor of International Economics, School for Advanced International Studies, Johns Hopkins University, underlies that ways of world economic activity are now synchronic, for the first time in 10 years. She presumed that the process of integration and world trade growth will continue, though not all the countries will take part in it. The USA plans to follow this way. The professor claimed that economy of countries will have to adapt to changes anyway. So one of the goals is to prepare people for these changes.

The moderator Pavel Kadochnikov, President, Center for Strategic Research Foundation, concluded the report of the USA representative by saying that states would follow the way of more active free trade and integration, risking to include different groups of people and companies inti globalization process on a larger scale.

Kirill Dmitriev, General Director of the Russian Direct Investment Fund specified that there were two points of views concerning the world market. Supporters of the first believe that freedom of investments and trade are necessary, and sanctions are negative factor. Supporters of the second thought are sure that it is necessary to protect internal markets, create barriers, such as sanctions, for trade and investments. According to the speaker, world-wide business supports the first point of view.

The expert marked the interest of China and Middle East countries for investments in Russia. “Combined investments and trade not only create new facilities, working places and economic growth, but also form connections between countries, which enable them to live in peace. We hope that this process will be successful. We consider sanctions to be highly short-sighted policy. More and more countries realize now that integration is more important than negative sanctions’, - Kirill Dmitriev concluded.

Speaking of sanctions and restrictions caused by them, Denis Manturov, the Minister of Industry and Trade of the Russian Federation, marked their positive influence on Russian economy. In his opinion, sanctions, on the one hand, reduced goods turnover between Russia and western countries, but on the other hand, they gave Russian companies impulse to improve. “What is the influence of sanctions? From the point of view of technological and industrial growth it is more positive than negative”, - Denis Manturov is sure.

The minister marked that during the last three years the program on import substitution was successful. New types of industrial products appeared. For the first time in 10 years growth of export reached 19%, excluding raw and energy sectors.

“Our goal was not to meet the needs of internal market. Our goal was the access to global markets. And we see the result – growth in not-raw and energy export during the last year, It is a result of government systematic work”, - the Minister of Industry and Trade pointed out. In conclusion he added: “No one assumed that we would be able to realize import substitution program so fast and on such a large scale. But we did it”.

The organizers include the Presidential Academy of National Economy and Public Administration (RANEPA), the Gaidar Institute for Economic Policy (Gaidar Institute) and the Association of Innovative Regions of Russia (AIRR).

The program outline is available at the forum website.

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