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Opinions & Interviews

18 Jul 2017

Ukraine, Belarus encouraged to aim for $7.9bn in bilateral trade

Ukraine, Belarus encouraged to aim for $7.9bn in bilateral trade

KIEV, 19 July (BelTA-UKRINFORM) – There are several promising areas for promoting cooperation between Ukraine and Belarus and increasing investment and trade, in particular in mechanical engineering, agricultural sector and the production of petroleum products, Ukraine Deputy Prime Minister and Minister of Regional Development, Construction and Housing Gennady Zubko said at the meeting of the intergovernmental Belarusian-Ukrainian commission on 18 July.

He noted that the trade has recently surged by 28% to total $4 billion, but the goal is $7.9 billion.

“The matter is not only about trade but about creating more opportunities. First of all, this is about higher revenue to the local budgets, bringing technology, raising investment into agriculture, production of agricultural machinery in Ukraine, and attracting our Belarusian partners in the construction of road infrastructure,” Gennady Zubko said.

There are also opportunities for cooperation in oil refining and production of petroleum products on the give-and-take basis using the capabilities of the Belarusian oil refineries, with the subsequent return of petroleum products to Ukraine, and advancing light-oil products to the markets of third countries.

According to Gennady Zubko, the cooperation in these avenues was discussed within the framework of the protocol and is the basis for the development of a large-scale roadmap.

“We have built up relations at the level of the ministries of our countries. We have the potential to increase investment. A large number of Ukrainian enterprises are set up in Belarus, and we would like to see investment from Belarus into joint ventures in Ukraine to increase as well,” the Ukrainian vice premier noted.

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