Belarus has the highest index of foreign trade with EAEU countries

10 July 2020

Moscow, 10 July 2020. Belarus has a stable niche in the integration architecture of the Eurasian Economic Union (EAEU, Union) and the international division of labour as a whole. Belarus’s trade is mainly focused on EAEU countries. The country has the highest index of foreign trade with EAEU countries (over 50%) among Union members. This finding is presented in the report entitled Main Tendencies in Belarus’s Integration Development in 2019 prepared by the Eurasian Development Bank’s (EDB) Centre for Integration Studies.

Belarus has built stable ties, including transboundary ones, with the European Union. It is also actively developing relations with China, which considers Belarus as an important component of its Belt and Road Initiative.

Belarus continues to implement an industrial policy aimed at building an export-oriented economy, and foreign trade is still important for the nation’s development.

Imports continue to be investment- and consumer-oriented. The significant amounts of imported machinery and equipment suggest that the country continues to re-equip its real sector, which is a positive factor for long-term development.

Of particular interest is Belarus’s experience in trading in services, primarily computer-related ones, and in this it differs significantly from other EAEU members.

Belarus has significant potential to attract foreign direct investments and sets an ambitious goal to double these by 2025. The nation also aims to improve the investment climate and investment policies, including the development of more effective mechanisms to attract foreign capital. In this regard, the country places high hopes for advancement as part of integration development within the EAEU.

The full version of the report is available on the EDB’s website. 

Additional Information: 

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. 

The EDB Media Centre: 

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

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