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Opinions & Interviews

27 Feb 2017

Belarus, Lithuania described as bridgeheads for penetrating EU, EEU markets

Belarus, Lithuania described as bridgeheads for penetrating EU, EEU markets

MINSK, 27 February (BelTA) – The strategic position of Belarus and Lithuania at the junction of the Eurasian Economic Union and the European Union allows defining the countries as reliable bridgeheads for the consequent exploration of these large markets. Ambassador Extraordinary and Plenipotentiary of Belarus to Lithuania Alexander Korol made the statement in a recent interview with the Baltic Times newspaper, BelTA has learned.

The diplomat is convinced: “Our countries are more appealing to each other as economic partners considering Belarus’ participation in integration processes of the Eurasian Economic Union and Lithuania’s membership in the European Union. This factor as well as the strategic position of Belarus and Lithuania at the junction of the two integration associations allow defining our countries as reliable bridgeheads for the consequent exploration of these spacious markets. There is a huge potential in it.”

Apart from that, in his words, the advancement of trade and economic cooperation between Belarus and Lithuania will be propelled by the development of manufacturing cooperation, the establishment of joint ventures to make export-oriented products, and effective credit and financial support for trade deals and investment projects.

The diplomat underscored that Lithuania has been traditionally considered as one of the most important European partners of Belarus in economic affairs. But due to fluctuating prices for oil products, fertilizers, and metals and sweeping changes on the global market in the last few years Belarus-Lithuania trade has decreased, however, it still exceeds $1 billion. For instance, in 2016 Belarus-Lithuania trade reached $1.05 billion.

“Trade in services has slowed down somewhat. The slowdown has been caused primarily by the falling volume of transport services, which account for 75-80% of the total volume of services. The level of investment cooperation remains steadily high. Since 2012 Lithuania has invested over $150 million in Belarus every year. In 2016 the indicator reached $253 million,” noted the Ambassador.

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