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Outcomes of SPIEF 2019

Analytical digest
29 October 2019

In 2019, the key topic of the St. Petersburg International Economic Forum (SPIEF) was ‘Creating a Sustainable Development Agenda’. Devising a new, more equitable model for the development of the world, countries, businesses, society, and individuals is an imperative of our time.

During the business program of SPIEF which comprised over 170 panel discussions and roundtables, the participants discussed the most important tasks and solutions for sustainable development of the global economy, international collaboration and cooperation. As a summary of the Forum’s results, key issues on the global and Russian medium-term agendas were formulated.

The first priority is to create a stable world order. Experts have noted that the current model of economic relations is in crisis. The principles of globalization and free market are being replaced by protectionism. Economic growth of developing countries and growing competition on the markets have led to developed economies striving to preserve their domination.

Expanding the policy of restrictions is leading to greater inequality and making the world increasingly unstable. The participants of the Forum called for an equitable dialog, compromise, and respect for norms of international law. The first thing to do is to abolish the sanctions and foster a competitive environment. As a first step in rejecting the policy of protectionism, Russia proposes that essential items and equipment which is in line with the Sustainable Development Goals should be made immune to sanctions.

Within the framework of the sustainable development policy for international economic collaboration, integration appears to be an effective instrument for overcoming the negative tendencies. To develop integration mechanisms in bilateral collaboration, it is necessary to improve the coordination of economic policies between the members of integration groupings, step up decision-making, and neutralize some discrepancies between different national legislative systems.

One of Russia’s main national goals is a sustainable development of national economy. However, an acceleration of economic growth is inextricably linked with increasing public welfare.

The importance of creating and introducing advanced technologies in all spheres of life as an essential tool of sustainable development was the leitmotif of the majority of the Forum’s sessions. Possessing modern technologies becomes a key factor in the competitiveness of national economies. Solving this task will require an adequate regulatory framework, financial instruments, and close cooperation at national and international levels.

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