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Belarus, Russia sign agreement on unified industrial policy

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MOSCOW, 15 February (BelTA) - Belarus and Russia have signed an intergovernmental agreement on the unified industrial policy. The document was inked by Belarusian Deputy Prime Minister Piotr Parkhomchik and Deputy Prime Minister - Minister of Industry and Trade Denis Manturov of Russia in Moscow on 15 February, BelTA has learned.

The agreement is designed to replace imports and accelerate production localization processes in the Union State. According to the document, the unified industrial policy will be implemented by means of expanding the mechanisms for supporting projects in the Union State, reducing barriers, stimulating the development of new types of competitive products, and creating conditions for the use of progressive financial products.

The agreement is valid for three years and will automatically be extended for the same periods, in the absence of objections from the parties.

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