Belarus and Russia Strengthen Trade and Economic Cooperation at High-Level Meeting

Belarus and Russia continue to strengthen their trade and economic cooperation, as highlighted in a recent meeting of the High-Level Group of the Union State Council of Ministers in Minsk, Belarus. The meeting, co-chaired by Russian Deputy Prime Minister Alexei Overchuk and Belarusian Deputy Prime Minister Dmitry Krytoi, focused on promoting trade and economic ties between the two countries.

During the meeting, the co-chairs discussed the development of transport connections, synchronizing customs duties, regulating transport fees, creating more convenient conditions for mobile telephone users, regulating taxi services, and implementing the mutual visa recognition agreement. They also reviewed the progress of implementing the protocol decisions adopted by the Union State.

The economic growth of Belarus in 2023 was 3.9 percent, while the Russian economy increased by 3.6 percent. Russia's total accumulated investment in the Belarusian economy grew by 6.7 percent to almost $2.9 billion. The share of transactions in national currencies in the Union State reached 92 percent. Over 80 Russian regions maintain trade and economic ties with Belarus, with companies from 72 constituent entities of the Russian Federation signing over 5,236 foreign trade contracts with Belarusian partners, totaling over 120 billion Russian roubles between March 2022 and February 2024.

The meeting between Belarus and Russia underscores their commitment to deepening economic cooperation and strengthening bilateral relations. Both countries continue to work towards enhancing coordination and collaboration in various sectors, further solidifying their strategic partnership.

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