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Belarus’ trade balance with China up almost $700m

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MINSK, 6 September (BelTA) - Belarus’ trade balance with China has increased by $700 million, Belarusian First Deputy Prime Minister Nikolai Snopkov told the media on 6 September, BelTA has learned.

According to Nikolai Snopkov, Belarus-China relations are developing in the most positive way. Mutual trade testifies to the fact.

“In January-July the export increased by 97% and the balance improved by almost $700 million, which is very important for us, taking into account the loss of preferential markets - the European Union and Ukraine,” said Nikolai Snopkov.

Belarus will actively implement the UnionPay international payment system developed in China. Belarusian banks are also going to connect to the Chinese alternative to SWIFT - Cross-Border Interbank Payment System (CIPS). Belarus will pay out Chinese loans nominated in U.S. dollars with Chinese yuans.

“The tangle of problems that have arisen in connection with the sanctions is actually solved through the People's Republic of China,” stressed Nikolai Snopkov.

In mid-September, Samarkand will host the summit of the Shanghai Cooperation Organization. The presidents of Belarus and China are expected to meet on the sidelines of the event. The two leaders will discuss issues that will raise the bilateral relations to a higher level, the first deputy prime minister said.

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