Economic integration

True economic integration should have a strong impact on the State of the Union

MOSCOW, September (BelTA) – The Belarus-Russia Union State Integration Programs, to be signed soon, will strengthen the economic sovereignty of the Union State and its Member States, head of the analytical site “Eurasia. Expert” Vyacheslav Sutyrin told BelTA.

“State of the Union programs will help strengthen the economic sovereignty of the State of the Union”, said Vyacheslav Sutyrin. “First of all, we are talking about the harmonization of legislation, tax and customs administration, industrial regulation. It should be noted that the economic complexes of the two countries are closely linked. More than 50% of GDP of Belarus is formed through cooperation with Russia, more than 60% of enterprises are included in cooperation chains. In 2020, Belarus was among the three largest trading partners of Russia. Therefore, the launch of true economic integration will lead to increased investment and mutual trade, generate a powerful impact on the economies of both states. “

In light of Western sanctions, it is important to adopt all intergovernmental agreements before the end of this year, said the expert. “Under the conditions of increasing pressure for sanctions from the West, the main task is to strengthen the economic sovereignty of the State of the Union,” he said. “In practice, this means establishing a sovereign and stable framework for trade and economic relations between Russia and Belarus, unaffected by any external interference. Of course, 100% security is too expensive and impractical to achieve. But ensuring a common system of mutual settlements, taxes, reducing dependence on offshore systems in the IT sector is possible. The programs will create the conditions for the common Russian-Belarusian counter-sanctions policy, including a single list of embargoed goods to fill any gaps to bypass restrictions and boost joint import substitution efforts.

“Such a collective logic will help Russia and Belarus to protect themselves from sanctions, to keep the chains of cooperation intact and to maintain the standard of living of the citizens”, underlined Vyacheslav Sutyrin.

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