Foreign Trade in Belarus

In order to create a favorable international trade and investment climate for the national economy the Republic of Belarus has signed 23 agreements on mutual protection of investments.

The basic criteria in concluding bilateral agreements are:

1. The needs of Belarus which can be satisfied through improving external economic relations.

2. Working out a conceptual perspective of development and establishing economic relations with foreign countries with regard to the blocs of countries (EU, East Europe, the USA, Canada, the CIS, South-East Asia, etc.), the level of economic integration with them.

3. Basic areas of trade and economic cooperation.

Special attention is paid to the conclusion of the bilateral agreements on mutual protection of investments, for even the most advanced degree of integration with the country cannot ensure legal order, protection and guarantees required by investors. The expansion and improvement of the legal base can play a positive role in effective attraction of foreign capital in case of appropriate economic conditions. Investors from Germany, the USA and Poland are putting their resources into Belarusian economy most dynamically.

Foreign trade in Belarus traditionally develops in two basic perspectives: eastern – with the CIS, and western – with distant foreign states.

Of particular importance for Belarus is the step-by-step development of mutual relations in all fields – in politics, trade, finance, science, education, culture – with the EU. The beginning of the legal realization of wide scale cooperation with the EU was laid down in 1995 by signing an agreement on partnership and cooperation between the Republic of Belarus and the European Union. The Republic of Belarus regards the EU as its closest neighbour and major trading partner.

EU – European Union – Европейский союз – ЕС

CIS – Commonwealth of Independent States – Содружество Независимых Государств – СНГ

V. Look through the text and find English equivalents of the following words and word combinations:

внешние экономические отношения, двустороннее соглашение, главный торговый партнер, соглашение о взаимной защите инвестиций, создать благоприятный климат, играть положительную роль, расширение и улучшение юридической базы, привлечение иностранного капитала, блоки стран, подписать соглашение, заключать соглашение, широкомасштабное сотрудничество, высокие уровень интеграции, подходящие экономические условия, постепенное развитие

VI. Put 5 questions to the text and ask your groupmates to answer them.

VII. Speak about the basic criteria in concluding bilateral agreements on mutual protection of investments.

VIII. Prepare a report about the development of economic relations of Belarus and the EU or Belarus and the CIS.