President of the Russian Chamber of Commerce Addressed the BRICS Business Forum

Sergey Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation, addressed the participants of the BRICS Business Forum 2022 as part of the panel discussion “Endorsing the concept of openness and promoting the recovery of the global economy”.

I wish to express my gratitude for this opportunity to participate in our discussion. At the outset, I wish to note that the tradition of holding the BRICS business Forum was begun by our Chinese colleagues in 2011.

Today the Business Forum has become an integral part of the program of the business enterprises events of BRICS. This has always been distinguished by an agenda which allows for discussion from various points of view both of the significant issue of strengthening trade, investment and production relations among the nations of the Big Five, and also to address issues of the global development of the world economy.

It is absolutely clear that our world of today is changing rapidly, and that is a fact that cannot be denied.

Unfortunately, we are observing today tendencies towards an increase in the fragmentation of that process of globalization which was previously a single and united one.

Through no fault of our own, certain dividing lines have appeared in the global economy, in policies and in society, and there has been a drastic increase in the instability of the global economy. All of these factors must be taken seriously to find ways and means to ensure the social and economic stability of our countries and our partners, given the transformation that the traditional global economic order is now undergoing.

Today, instead of engaging in joint efforts for the normalization of international trade, a number of Western countries have opted for politically motivated unilateral and unjustified trade measures which have only aggravated the consequences of the pandemic. The clear violations by these economies of the rules of the WTO have exerted major pressure on the global chain of supplies, which was still fragile after the pandemic. As a result, as assessed by WTO, the growth of the global GDP has slowed down and is now at 2.8 percent instead of 4.1 percent".