Glazyev: Belarus-Russia trade relations are based on expanding cooperative ties

MOSCOW, 31 March (BelTA) – Trade relations between Belarus and Russia are built on the expansion of cooperative ties, State Secretary of the Belarus-Russia Union State Sergei Glazyev said at a press conference dedicated to the Day of Unity of the Peoples of Belarus and Russia, BelTA has learned.

“Our key indicator is the growth of mutual trade, which reflects the interconnectedness of the two countries’ economies. This indicator has been steadily increasing: according to various estimates, last year it grew by 3-4.5%. It is encouraging that the overwhelming share of our trade consists of intermediate goods, in other words, cooperation. Today, mutual trade is based on the expansion of cooperative links, and this is the best reflection of how closely our states are connected,” Sergei Glazyev said.

He noted that the annual volume of trade between Belarus and Russia consistently exceeds $50 billion. “It will continue to grow, according to the forecasts presented at the Supreme State Council,” the state secretary added.

Sergei Glazyev also highlighted cooperative import-substitution projects. “I would emphasize the large-scale and highly significant work on 26 import-substitution projects being implemented by the industry ministries in microelectronics, automotive manufacturing, hydraulics, and mechanical engineering as a whole, totaling more than RUB105 billion. We continue working to ensure that manufacturers gain access to joint programs and participate in public procurement. Last year, a list of 11 state-supported programs was approved, within which the products resulting from their implementation are in demand, including within public procurement systems,” the state secretary said.