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01 February 2023, 09:00

Russia approves draft agreement on common industrial policy with Belarus

MOSCOW, 1 February (BelTA) - The Russian government has approved a draft intergovernmental agreement with Belarus on a common industrial policy. The corresponding decree was published on the Russian official portal of legal information, BelTA has learned.

The agreement will be signed with a view to replacing imports and accelerating localization of production in the Union State. According to the draft document, the common industrial policy will be implemented by expanding support mechanisms for projects in the Union State, reducing barriers, stimulating the development of new competitive products and creating conditions for the use of progressive financial products.

The document says that the agreement will be concluded for three years and will be automatically prolonged for the same periods in the future.

The Russian government instructed the Ministry of Industry and Trade to hold negotiations with Belarus and sign the agreement.

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