Business news

MINSK, 8 February (BelTA) – Belarus plans to expand its presence in the new markets of the distant arc countries and increase their share in the country’s total exports from 5.8% in 2016 to 10% in 2020. The relevant information is contained in the draft national export support and promotion program for 2016-2020 (Export of Belarus) posted on the website of the Belarusian Ministry of Foreign Affairs for public discussion.

“The Export of Belarus program is aimed at increasing the share of new promising markets of the distant arc countries in Belarus’ total commodities exports to 10% by 2020, and boosting the share of services in the country’s total exports to 25%,” the document reads.

The Export of Belarus program has been developed as a continuation of Belarus’ social and economic development program for 2016-2020 to specify the country’s foreign economic policy priorities. The system of national priorities laid down in the program provides for bolstering and diversifying the exports of goods and services, and maintaining the foreign trade balance.

The foreign economic policy formulated in the social and economic development forecast provides for a multipronged approach to Belarus’ foreign policy. It is aimed at promoting sustainable growth of the country’s export potential and ensuring a foreign trade surplus.

“Belarus’ main foreign economic goal is to minimize the foreign economic threats by participating in the international division of labor, making use of the country’s competitive advantages, using the mechanisms of international associations, and reducing the dependence on the traditional exports and markets through diversification,” the draft program reads.