MINSK, 14 February (BelTA) - Belarus became the first country to ratify the service and investment agreement with China, which bring a number of economic advantages for the country, including an increase in the export of Belarusian services to China, BelTA learned from the Belarusian Economy Ministry.
The relevant law on ratification was signed on 6 February. Its adoption is aimed, among other things, at implementing the provisions of Presidential Directive No. 9 “On the development of bilateral relations between the Republic of Belarus and the People's Republic of China”.
The agreement, signed in Minsk in August 2024, became the first international treaty providing for the development of economic integration between Belarus and China. For Belarus, the agreement is the debut bilateral international treaty on investment and services with countries in the far abroad.
The international treaty provides for the establishment of a free trade zone in services, bilateral obligations to provide non-discriminatory treatment in trade in services and investment. The document covers innovative areas, the development of which is particularly relevant today: e-commerce, promotion of small and medium-sized businesses, development of competition, protection of intellectual property rights.
“The agreement secures for Belarus access to the Chinese market at the level of conditions China provides to its closest partners in Southeast Asia. Thus, Belarus gets competitive advantages in the Chinese market compared to most countries,” the economy ministry commented. “The agreement gives China the right to work in Belarus on the country’s national conditions of trade in services and investment in specific sectors of the economy. Mutual trade and investment are expected to grow through the creation of predictable working conditions and guarantees of stability for business.”
According to experts, the agreement will lead to a 12-15% increase in exports of Belarusian services to China. The growth of Chinese investment in Belarus in the medium term is estimated at 30%.
Similar procedures in China are expected to be completed for the agreement to enter into force.
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