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Sochi meeting of Belarus, Russia presidents expected to yield economic return

MINSK, 24 February (BelTA) – Good relations between the presidents of Belarus and Russia give hope that bilateral trade will be more balanced, Professor at Belarusian State University Mikhail Kovalev told the SB. Belarus Segodnya newspaper, BelTA informs.

“The Russian president was absolutely right to point out that despite the turbulent year, our trade exceeded $28 billion and shrank by only 15%. Yet, there is a small reservation. In the first quarter, we did not get Russian oil, we imported it by tankers from third countries. That was the reason why our imports from Russia dropped. Meanwhile, our exports to Russia grew. In 2020, we increased the export of food products to this market. Therefore, it is encouraging that this year began with such a dialogue that holds a lot of promise for the economies of the two states. The presidents reached agreements on both oil and gas. We hope that our trade will make progress and will benefit both countries. After all, Belarus’ import from Russia exceeds the export because of the tax maneuver and high oil prices. Since 1995, the trade deficit has reached the size of almost two Belarusian GDPs.

Mikhail Kovalev emphasized the importance of Russia’s decision to encourage the consumption of Belarusian goods. Thus, in addition to food, Belarus sells more vehicles and tractors. “Good relations between our presidents give hope that bilateral trade will become more balanced,” he concluded.

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