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Economy
06 September 2021, 17:06

True economic integration expected to produce strong impact on Union State

MOSCOW, September (BelTA) – The Belarus-Russia Union State integration programs, which are to be signed soon, will strengthen the economic sovereignty of the Union State and its member states, editor-in-chief of the analytical website "Eurasia. Expert" Vyacheslav Sutyrin told BelTA.

“The Union State programs will help strengthen the economic sovereignty of the Union State," Vyacheslav Sutyrin said. “First of all, we are talking about the harmonization of legislation, tax and customs administration, industry-wise regulation. It should be noted that the economic complexes of the two countries are closely related. More than 50% of Belarus' GDP is formed through cooperation with Russia, more than 60% of enterprises are included in cooperation chains. In 2020, Belarus was among the three largest trading partners of Russia. Therefore, the launch of true economic integration will lead to an increase in mutual investment and trade, will generate a powerful impact on the economies of the two states."

In the light of Western sanctions it is important to adopt all intergovernmental agreements before the end of this year, the expert believes. "In the conditions of the growing sanctions pressure from the West, the primary task is to strengthen the economic sovereignty of the Union State," he said. “In practice, this means the establishment of a stable sovereign framework of trade and economic relations between Russia and Belarus, impregnable for outside interference. Of course, 100% security is too expensive and impractical to achieve. But to ensure a common system of mutual settlements, taxes, to reduce dependence on offshore schemes in the IT sector is possible. The programs will create the conditions for the common Russian-Belarusian counter-sanctions policy, including a single list of embargoed goods in order to close all loopholes to circumvent the restrictions and to spur joint import substitution efforts.”

"Such a collective logic will help Russia and Belarus shield themselves from sanctions, keep the cooperation chains intact and maintain the standard of living of citizens," Vyacheslav Sutyrin emphasized.

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