Belarus ratifies agreement on trade in services and investment with China

MINSK, 10 January (BelTA) - The House of Representatives of the National Assembly of Belarus of the eighth convocation passed the bill "On Ratification of the Agreement between the Government of the Republic of Belarus and the Government of the People's Republic of China on Trade in Services and Making Investment" at a sitting of the second session on 10 January, BelTA has learned.

The bill was submitted to the House of Representatives by the Council of Ministers on 6 December 2024. The bill has been prepared to implement domestic procedures required for the recognition as obligatory of the agreement between the Government of the Republic of Belarus and the Government of the People's Republic of China on Trade in Services and Making Investment signed on 22 August 2024 in Minsk.

The agreement stipulates the establishment of a free trade zone in services between Belarus and China, the expansion and diversification of trade between the countries, ensuring fair competition in the markets, and the creation of a transparent and favorable investment climate. The agreement includes provisions regulating bilateral trade in services (considering the peculiarities of certain service sectors), making investment, movement of certain categories of individuals, as well as arrangements containing framework legal regulation of cooperation issues between the countries in various areas (e-commerce; micro, small and medium-sized enterprises; intellectual property; competition).

The agreement also regulates the procedure for resolving disputes on interpretation, application and compliance with the obligations of the parties, and the procedure for resolving investment disputes.

The agreement is expected to boost mutual trade in services and mutual investment flows, including through the establishment of stable, transparent and predictable rules of doing business in various sectors, to promote information exchange between the countries. All this will provide a significant benefit to the Belarusian economy.