Medvedev Warns Of Grave Consequences Of Protectionism Leading To Trade Wars

Medvedev Warns of Grave Consequences of Protectionism Leading to Trade Wars

PORT MORESBY (UrduPoint News / Sputnik - 17th November, 2018) Russian Prime Minister Dmitry Medvedev on Saturday noted unpredictability of today's global economy, adding that protectionism has led to trade wars, while sanctions have become an instrument of political pressure, and suggesting that this could result in grave consequences.

"Protectionist sentiments have been rising in certain countries.

They materialize not in some theoretical assumptions but in specific decisions that may lead and, let us say, have already led to trade wars ... Economic sanctions have become an instrument of political pressure and unfair competition. As a whole, this can bring complex and grave consequences," Medvedev said at an APEC Summit in Papua New Guinea.

The prime minister also underlined the importance of the direct dialogue between the authorities and businesses, noting that the APEC business Advisory Council (ABAC) provided an opportunity for it.