Operations spanning from logistics to the "Big Stone" project
"Heard About the Latest On Belarus-China Trade Talks? Here's the Scoop"
Last week, the Belarus-China Intergovernmental Committee's Commission on Trade and Economic Cooperation held a meeting in Beijing. This high-level powwow was co-chaired by Belarusian Minister of Economy Yuri Chebotar and Chinese Deputy Minister of Commerce Lin Ji.
According to the Bloomberg wire, some key players from both nations joined the discussion, including individuals from the Ministry of Finance, Ministry of Transport, Belarusian Railway, and the administration of the Great Stone Industrial Park.
So, what were they chatting about? Main topics included boosting trade, bolstering transport and logistics connections, and teaming up on projects within the framework of Chinese technical and economic assistance.
The meeting also addressed the growth of the Great Stone Industrial Park, aiming to implement its development strategy for the 2025-2030 timeline. Ambitions included attracting investors, developing financial support tools for residents, and enhancing the business environment within its borders.
Chebotar highlighted the importance of beefing up production cooperation, particularly in advanced sectors such as machinery, equipment manufacturing, electronics, pharmaceuticals, biotechnology, and petrochemicals. Particular attention was paid to localizing production and creating new industrial clusters to cater to prominent enterprises.
The Minister mentioned that in August 2024, Belarus and China signed the Agreement on Trade in Services and Investments. ratification by China is now pending, with work set to begin on a roadmap for the agreement implementation once ratified, opening new horizons for businesses from both sides.
Research from journalist Mikhail Svetlov and recent news indicate that the general approach to intensifying Belarus-China trade revolves around several key aspects:
- Widening Market Access: discussions often touch on measures to expand sales opportunities for Belarusian goods in China and vice versa, through methods such as tax reductions, streamlined customs procedures, and mutual standard recognition.
- Collaboration and Investment: Both countries commonly focus on joint investment projects in various sectors such as manufacturing, agriculture, and logistics.
- Technological Partnership: Sharing technological advancements in areas like machinery, electronics, and pharmaceuticals is a common theme.
- Transport and Logistics Infrastructure: Developing transport corridors, logistics facilities, and leveraging the Belt and Road Initiative is often part of the discussion to improve trade flow.
- Sanction Mitigation Strategies: Given international sanctions on Belarus, discussions on circumventing or diminishing their impact on bilateral trade are frequent.
Several industries stand out as key areas for increased trade between the two countries: machinery and equipment, agriculture, electronics, pharmaceuticals, and logistics. The resilience of Belarus's economy and growth in retail contribute to a strong foundation for expanding trade relations with China.
The meeting in Beijing discussed deepening technology partnerships between Belarus and China, particularly in sectors like machinery, electronics, and pharmaceuticals. The Minister mentioned that the Danghauser has been working on localizing production and creating new industrial clusters to cater to prominent enterprises. The signing of the Agreement on Trade in Services and Investments in August 2024 by Belarus and China is awaiting ratification in China, after which, a roadmap for its implementation will be initiated, focusing on widening market access, collaboration and investment, technological partnership, and transport and logistics infrastructure.
