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18 Jan, 2023 06:21

Russia’s trade with key ally hits historic high

Economic cooperation between Moscow and Minsk has been on the rise
Russia’s trade with key ally hits historic high

The volume of trade between Russia and Belarus reached a record $50 billion in 2022, the Belarusian embassy in Moscow said on Tuesday.

The announcement was made on the embassy’s Telegram channel following a meeting between Deputy Prime Minister of Belarus Petr Parkhomchik and Russian Minister of Industry and Trade Denis Manturov. The meeting was attended by Minsk's envoy in Russia, Dmitry Krutoy.

During the meeting the sides discussed the development of promising import-substitution investment projects for the production of civilian and military products, as well as matters concerning deepening cooperation in the military-technical sphere.

“Issues on the production and sale of tractor equipment and combine harvesters in the market of [the Russia-Belarus entity called] the Union State were considered. Particular attention was paid to the interaction of business entities in the light and chemical industries, specific areas for increasing trade turnover were outlined,” the embassy reported. It added that consensus was reached on signing an intergovernmental agreement on a “single industrial policy as soon as possible.”

Russian President Vladimir Putin said last month the primary focus of the Russia-Belarus ties is the economy, adding that the allies are ready for further cooperation in various sectors. Putin also revealed that the two are planning to cooperate in the space and military technology sectors.

For more stories on economy & finance visit RT's business section

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