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Belarus-Austria trade in services on the rise

MINSK, 19 March (BelTA) -  The trade in services between Belarus and Austria exceeded the commodity trade in terms of volumes, Belarus Deputy Minister of Foreign Affairs Oleg Kravchenko told the media following a session of the Belarusian-Austrian intergovernmental commission on trade and economic cooperation, BelTA has learned.

“We have paid attention to the fact that the trade between our countries has been growing, with the trade in services overpacing commodity trade. This, I believe, is a good indicator,” said Oleg Kravchenko.

Last year, the trade between the two countries exceeded $170 million. Belarus exported goods worth $28 million. Those were metal products, petroleum products, potash fertilizers, woodworking goods and furniture. From Austria Belarus mostly imported investment goods (high-tech equipment and commodity group for industrial application), pharmaceutical goods, tissue paper, communication equipment and parts to it.

Last year the trade in services exceeded $185 million, with Belarusian export over $116 million. Transport services accounted for the lion’s share. Other services were tourist, computer, telecommunication and information services.

New ways of developing trade and economic cooperation were discussed at a meeting of the commission. “We had, in my opinion, an interesting meaningful discussion of many issues, including trade, investment, cooperation in renewable energy, energy efficiency, tourism, agriculture, transport, regional ties,” Oleg Kravchenko said. He highlighted the successful investment cooperation. Austria has invested around $6 billion in the Belarusian economy over the past eight years, including almost $300 million in 2018.

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