Belarus’ Economy Ministry on advantages of agreement with China

Belarus has become the first country to ratify the service and investment agreement with China, which entails a number of economic advantages for our country, the Economy Ministry shares the details with sb.by

The relevant law on ratification was signed on February 6th. Its adoption is aimed, among other things, at implementing the provisions of Presidential Directive No. 9 On the Development of Bilateral Relations between the Republic of Belarus and the People’s Republic of China.

The agreement, signed in Minsk last August, was the first international treaty to promote economic integration between Belarus and China. For Belarus, the agreement is the debut bilateral international treaty on investment and services with the far arc countries.

The international treaty envisages the establishment of a free trade zone for services and the bilateral commitment to provide non-discriminatory treatment in trade in services and investment. The document covers innovative spheres, the development of which is particularly relevant today: e-commerce, assistance to small and medium-sized businesses, development of competition, and protection of intellectual property rights.

“The agreement secures for Belarus access to the Chinese market at the level of conditions provided by the Celestial Empire to its closest partners in Southeast Asia. Thus, Belarus gains competitive advantages in the Chinese market compared to most countries. The agreement gives China the right to work on the national terms of trade in services and investment in specific sectors of the economy, which are in force in Belarus. The increase in mutual trade and investment is expected to be achieved through the creation of predictable working conditions and guarantees of stability for business,” the Economy Ministry commented.

According to experts, the agreement will lead to a 12-15 percent increase in Belarusian services exports to China. The growth of Chinese investments in Belarus in the medium term is estimated at 30 percent.

Similar procedures in China are expected to be finalised for the agreement to enter into force.