Russia, Belarus May Boost Annual Bilateral Trade To $50Bln From $32.4Bln In 2017 - Putin

Russia and Belarus are capable of bringing bilateral trade to $50 billion from $32.4 billion it accounted for last year, Russian President Vladimir Putin said Friday.

MOGILEV (UrduPoint News / Sputnik - 12th October, 2018) Russia and Belarus are capable of bringing bilateral trade to $50 billion from $32.4 billion it accounted for last year, Russian President Vladimir Putin said Friday.

"Half of all Belarusian export products are supplied to the Russian market. Last year, trade increased by almost a quarter to $32.4 billion. In January-August of the current year, it increased by another 14.5 percent, and we are capable of bringing it to $50 billion," Putin said at the forum of the two countries' regions.

According to the Russian president, much attention is paid to strengthening investment cooperation between the two states.

"Russian investments in Belarus have exceeded $4 billion. Belarusian investments in Russia are $716.8 million," Putin said.

Belarus is Russia's top trade partner among the CIS countries, the president added.

Import substitution, industrial cooperation, agriculture, construction, pharmaceuticals and public procurement are the priority sectors where Russia and Belarus are expecting maximum economic effect, Putin added.

"Today, Russia and Belarus face in many ways similar problems and challenges ... in ensuring long-term, sustainable growth, increasing competitiveness in foreign markets. I would like to mention agriculture, construction, pharmaceuticals, public procurement among the priority sectors where we expect maximum economic effect," he said.

Putin and his Belarusian counterpart Alexander Lukashenko met at the forum in the Belarusian city of Mogilev to discuss the future of the bilateral ties and finalize several agreements reached on certain thorny issues, such as oil products and customs tariffs.