After WTO accession, Belarus will pursue a more aggressive trade policy, Belarusian Deputy Economy Minister Anton Kudasov told journalists after a session that discussed cooperation with the WTO on 29 March. Partaking in the session was Belarus President Alexander Lukashenko.
Anton Kudasov emphasized that the WTO is not the end objective. “I think that we will be signing free trade agreements, preferential arrangements with many countries that are important trading partners for us, same as we are for them,” he noted.
The official also believes that Belarus' exports will rise. Anton Kudasov pointed out that over the 20 years of cooperation with the WTO the Belarusian economy has expanded five times, foreign trade and export increased six times. He noted that Belarus is highly dependent on foreign trade.
However, the trade growth will not happen automatically, Anton Kudasov said. In his words, it will be achieved only if Belarusian exporters utilize the opportunities that the WTO offers and if the government uses legal mechanisms of promoting trade and economic interests that are allowed in the WTO.
The investment sector will also feel a positive impact from Belarus' WTO accession. Still, this will not happen automatically either. “It can be used as a mechanism for creating the environment. Investments are aimed at producing goods and services that should have good commercial prospects, including outside Belarus. If we talk about export-oriented investments and international trade, our accession to the World Trade Organization will be a gain,” Anton Kudasov stressed.
“Even for formal perception of Belarus in the international financial markets, our accession is advisable. It will improve our positions on international rankings which will make things easier in terms of loans, bonds and guarantee tools, which are important for foreign trade, even in terms of formal ratings,” he added.