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Glazyev: Any economic success of Belarus provides integration effect for the EAEU

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MOSCOW, 1 April (BelTA) - Any economic success of Belarus provides integration effect for the whole Eurasian Economic Union, Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev said at the online briefing on 1 April, BelTA has learned.

“Why has the Belarusian economy been a powerful engine of integration processes for a long time? Belarus is tied by industrial and technical cooperation, or, more precisely, the Belarusian economy, with the Russian partners, and this cooperation is based on creating products with high added value. The share of mutual trade [with the EAEU countries] in Belarus' turnover is the highest among our countries, it reaches almost half of it. Belarusian exports to the Eurasian Economic Union are largely high value-added goods. These are primarily machinery and food products. Any success of Belarus always gives an integration effect. For example, if Belarus successfully promotes its tractors to the foreign market, then the supply of Russian components, engines, and so on is also on the rise. Therefore, the integration effect of Belarus’ economic growth is the highest among the member states of the Eurasian Economic Union,” said Sergei Glazyev.

He also cited the latest statistics on mutual trade in the EAEU in January 2021, pointing to a 3.3% growth. “I must say that the most dynamic growth has been shown by Belarus: in mutual trade Belarusian imports increased by 23%, Belarus’ exports increased by 3%. This means that Belarus, at least in January, acted as an accelerator of our mutual trade,” the minister said.

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