Kazakh President: World needs new multilateral trading system

The international community needs a new multilateral trading system based on the principles of fairness and openness, the President of Kazakhstan, Kassym-Jomart Tokayev, said at the Boao Asia Forum, Report informs, citing Akorda.

"Today, increasing trade barriers, protectionism, and violations of agreements pose serious problems for the global economy. Solving these problems requires removing unfair trade barriers and increasing the transparency of supply chains through digitization," Tokayev noted.

He added that new approaches should be applied to the global financial system, and called on the international community to take more effective measures in the field of sustainable financing.

"With its huge market capitalization, the giant Asian bond market has a high potential to support many development projects. The Eurasian Development Bank (EDB) plans to launch the first issue of panda bonds as a new financial investment instrument. This can be critical for the financing of global infrastructure projects," the president said.