Special Address: H.E. Denis Manturov Minister of Industry and Trade, Russian Federation

DAY ONE: Special Address

WATCH FULL VIDEO

WATCH HIGHLIGHTS

H.E. Denis Manturov

Minister of Industry and Trade, Russian Federation

One of our prime objectives for 2020 is to tackle the spread of COVID-19. It is highly important for all of us to join our efforts together in response to the pandemic and its aftermath.

Regretfully, we are witnessing a highly negative impact, not only on the health and wellbeing of our citizens, but also on the economy. Though trade in services is one of the fields that has suffered the most, other sectors, including manufacturing, are also under pressure.

Yes, manufacturing is one of the first sectors to get back on track, but many companies and industrial sectors have suffered substantial losses. We should completely revise the approaches that have defined our industrial and commercial ties for many years. Initiatives that were once considered medium or long-term priorities should be launched urgently. By that I mean increases in transparency and the predictability of trade regimes. In order to minimise the negative impact of the pandemic and get back on the tracks of sustainable development, it is necessary to lower tariff and non-tariff barriers to trade. This is the best way to achieve such critical goals as the increase in labour productivity and household incomes, striking a balance between the bio and technosphere.