Business news

27 May 2022

Lukashenko calls Eurasian Economic Union not to turn inward amid sanctions

MINSK, 27 May (BelTA) – The Eurasian Economic Union member states should not turn inward amidst the sanctions, Belarusian President Aleksandr Lukashenko said at the session of the Supreme Eurasian Economic Council on 27 May, BelTA has learned.

According to the head of state, it is of great importance for the EAEU to build an international economic union with third countries and integration associations. “Being under the sanctions, we should not self-isolate in our economic union. Besides the so-called collective West, there are enough states in the world that are ready to build equal, respectful relations with us,” Aleksandr Lukashenko said.

The president recalled that active work is underway to conclude trade agreements with Egypt and Iran. Substantive negotiations with Indonesia are about to begin. The United Arab Emirates is also showing interest in a free trade agreement.

“The international agreement on trade and economic cooperation concluded with China has a huge potential. It should be used to expand cooperation in the manufacturing sector, including in innovative areas, attract investments, make the most of the transit potential of our union, and increase mutual trade,” the head of state stressed.

The president deems it necessary to step up efforts this year to implement the road map with the Chinese side. Of particular importance is the partnership with China in digital transport corridors. “The implementation of this project will help switch to a comprehensive electronic technology of cargo transportation by rail between the member states of our union and China,” Aleksandr Lukashenko noted.

Another important matter is the discussion of Uzbekistan’s participation in the EAEU’s initiatives. The president also highlighted the high level of interaction between the EAEU and Cuba as well as Venezuela’s interest in cooperation with the economic association.

“These issues are nothing new. Most of these activities were included in our documents and plans. Now we just need to devote more time and attention to them in order to achieve results,” the president added.