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29 March 2024, 19:02

Overchuk: Belarus accounts for 44.8% of Russia’s trade with CIS states

An archive photo
An archive photo
MOSCOW, 29 March (BelTA) – Belarus accounts for 44.8% of Russia’s trade with the CIS countries, Chairman of the CIS Economic Council and Deputy Prime Minister of Russia Alexei Overchuk said at the opening of the CIS International Economic Forum in Moscow, BelTA has learned.

Alexei Overchuk emphasized that the CIS is not only a multilateral dialogue platform, but also a practical instrument to support and promote the established trade, economic and humanitarian ties. “A testimony to that is the amount of Russia’s foreign trade with the CIS member states,” he remarked. “Russia’s trade with the CIS countries in 2023 increased by 5.8% over 2022 to reach RUB8.8 trillion. However, the export potential remains high, and as our cooperation is gaining momentum, it will keep growing.”

The deputy prime minister noted that the increasing share of the CIS countries in Russia’s trade indicates the incremental expansion of trade and economic cooperation between Russia and its CIS partners. This share grew from 10.4% in 2019 to 14.6% in 2023. Such a significant increase was achieved largely due to a more robust trade and industrial cooperation and labor migration. Russia’s main trading partners among the CIS countries are Belarus (it accounted for 44.8% of Russia’s trade with the CIS), Kazakhstan (27.4%), and Uzbekistan (9.3%).

According to Alexei Overchuk, the priority areas of work that can yield the greatest results in promoting cooperation within the CIS are the creation of a favorable investment climate and the implementation of investment infrastructure projects, the further development of the free trade zone, making the most of multilateral mechanisms for economic cooperation, stimulation of business activity, deepening of interaction in the customs field, promotion of the green agenda, and interaction in advertising of joint tourism products.

“The new economic reality offers new opportunities for economic cooperation: new areas of work are emerging, import substitution is becoming an important factor in cooperation and mutual trade, integration is deepening across a number of areas, including in the socio-economic, financial and humanitarian field,” he remarked.

Alexei Overchuk emphasized that the events of 2022-2023 showed the true attitude of the Western world not only towards Russia, but also towards its trade and economic partners. Their goal was to undermine joint work to improve the living standards in our states and destroy what had been built over the years.

“The illegitimate restrictive measures introduced against Russia and its trade and economic partners did not bring the desired effect. Quite the opposite, they stimulated the development of industry and the upgrade of the financial system. In fact, the real GDP growth in the CIS countries significantly surpassed the forecasts of the International Monetary Fund,” he emphasized.
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