Belarus and Armenia have reserves to enhance bilateral commerce, according to Vitaly Drozhzha, Belarusian Forestry Minister and co-chairman of the Belarusian-Armenian intergovernmental council on trade and economic cooperation.
“The main priorities in Belarus-Armenia trade and economic cooperation are to strengthen the positions of Belarusian and Armenian exporters in the markets of our states, to expand the distribution network, and to advance cooperation in agriculture, science and technology. This year's foreign trade statistics indicate that we need to make significant efforts to restore bilateral trade. In January-September of this year, it decreased by 4.5%. There are significant reserves that our countries can tap to boost trade,” said Vitaly Drozhzha.
He asserted that the old method of expanding commerce by boosting supplies of traditional goods is becoming outdated, and he encouraged a greater focus on cooperative initiatives.
Vahan Kerobyan, Armenia's Minister of Economy and Co-Chairman of the Intergovernmental Commission, stated that inside the Eurasian Economic Union, Armenia and Belarus have a lot of potential for collaboration.
“There are many issues where our interests coincide, and we can jointly promote them in the EAEU. I would also like to mention opportunities for our cooperation in the international arena, for example, we discussed trade opportunities with Iran, China, and other countries. Another important point is the implementation of the Armenian government's programs on the development of infrastructure and industry. There are great opportunities for Belarusian companies in this area. Cooperation projects will be of particular importance to our countries today,” he stressed.
Belarus' main exports from January to September 2021 were dairy goods, furniture, computers for automatic data processing, and pharmaceuticals. Belarus, in turn, imports Armenian alcoholic drinks, garbage and scrap copper, and other items.
Armenian investments in Belarusian industry have also increased. They totalled $10.6 million in H1 2021 (up by 16.4%). In Belarus, there are 46 Armenian-owned businesses, including 11 joint ventures and 35 international entities.
The intergovernmental commission's previous meeting was a little more than a year ago. The parties then set programs and goals, allowing them to sustain active bilateral collaboration in the face of the epidemic. Bilateral trade reached $82.3 million in 2020, increasing more than 13% from 2019. Belarus' exports increased by more than 9% to $57.5 million, with a $32.7 million trade surplus
