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Economy
12 March 2024, 15:24

Union State integration projects to increase Belarus’ GDP by $8bn

MINSK, 12 March (BelTA) – Projects and steps taken within the framework of Union State integration will allow increasing Belarus’ GDP by $8 billion, BelTA learned from Ambassador Extraordinary and Plenipotentiary of Belarus to Russia Dmitry Krutoi at a session of the high-level group of the Council of Ministers of the Union State of Belarus and Russia.

Dmitry Krutoi said: “A very significant package of decisions was approved [at a session of the Supreme State Council of the Union State of Belarus and Russia] in St. Petersburg on 29 January 2024. Essentially it became a guiding landmark for our further work within the framework of Belarus-Russia integration. The key document for a three-year cycle is the main guidelines on implementing provisions of the Union State Foundation Treaty. It still contains the aspiration for seamless economic space, towards the pursuance of a coordinated macroeconomic policy, a coordinated tax, industrial, and agrarian policies, the formation of joint markets in transport industry and energy industry, cooperation in customs affairs. According to calculations of the Belarusian Economy Ministry, the realization of the main guidelines will allow increasing the GDP of our country by $8 billion. Let me remind you that the GDP grew by 3.9% last year. Essentially it is an expected result of our integration. We assume that as a result of realization of the main guidelines we will gradually achieve of the goal of bringing together the GDP per capita levels of our countries.”

He also noted that in 2023 Belarus-Russia trade exceeded $50 billion. “It is another record high. Despite all the geopolitical complications as we counteract illegitimate sanctions, we keep up the pace and take all the possible steps to support the emerging positive trends in our bilateral relations,” the ambassador stressed.

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