Business news

MINSK, 6 January (BelTA) – Belarus insists on the complete removal of all exemptions and restrictions in trade inside the Eurasian Economic Union, BelTA learned from the review published on the website of the Belarusian Ministry of Foreign Affairs to cover results of Belarus’ foreign policy and the Ministry’s efforts in 2015.

According to the source, the Eurasian Economic Union Treaty came into force on 1 January 2015. Armenia and Kyrgyzstan joined the Union during the year. It was an honor for Belarus to be the first country to preside in governing bodies of the Eurasian Economic Union. “Results of our efforts have been highly appreciated by partners in the integration association,” the review reads. “At the same time no breakthrough has been secured in resolving the key problem — the full removal of exemptions and restrictions in mutual trade. This matter lies within the scope of the Board of the second-convocation Eurasian Economic Commission that will begin working in February 2016.”

At the same time as part of the implementation of Belarus’ initiatives the main guidelines for manufacturing cooperation inside the Union have been adopted. The concept for forming a common electricity and energy market has been approved. A package of legislation has been adopted to enable the operation of the common market of medications and medical products as from 1 January 2016. Upon Belarus’ initiative a new consultative format has been created for coordinating macroeconomic policy with assistance of heads of the central banks, the ministries of finance and economy.

The Eurasian Economic Union’s international cooperation rapidly advanced. As part of Belarus’ presidency a memorandum sketching out contours of cooperation between the Eurasian Economic Union and the European Union has been prepared and submitted to the European Commission. The Belarusian Ministry of Foreign Affairs has prepared a comprehensive presentation edition 40 Questions About the Eurasian Economic Union that targets a broad international audience. A free trade agreement has been signed with Vietnam. The Eurasian Economic Union heads of state have decided to start negotiations with China on signing a partnership and cooperation agreement and negotiations with Israel on signing a free trade agreement. Experts are working to marry capabilities of the Eurasian Economic Union with China’s Silk Road Economic Belt initiative.