Belarus, Russia signed agreement on common industrial policy

Belarus and Russia have signed today in Moscow an intergovernmental agreement on a common industrial policy, with Belarus’ Deputy Prime Minister Piotr Parkhomchik and Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov affixing their signatures to the document, BelTA reports

The agreement was concluded with the aim of import substitution and accelerating the processes of localisation of production in the Union State. According to the document, the common industrial policy will be implemented by expanding the mechanisms for supporting projects in the Union State, reducing barriers, stimulating the development of new types of competitive products, and creating conditions for the use of progressive financial products.

The agreement was concluded for three years and in the future, in the absence of objections from the parties, it will be automatically extended for the same periods.