Foreign economic policy of the Republic of Belarus

The strategy of the stable economic growth of the Republic of Belarus is to a great extent connected with the development of export potential and comprehensive integration of the Belarusian economy into the World economy. The characteristic feature of the development of the Belarusian economy is gradual increase of openness. Belarus joins the first ten European countries in terms of foreign trade to GDP ratio. Belarus possesses high foreign trade potential, besides small size of the country entails export-oriented structure of the economy.

Belarus trades with 167 countries of the world. Goods produced in Belarus are exported into 118 countries. At the same time Belarus imports goods from 152 countries. Manufactured goods are exported into 83 and imported form 60 countries. Chief trading partners of Belarus are Russia, Ukraine, Germany, Poland, Lithuania, Latvia, the Netherlands, the UK, and the USA.

The structure of the Belarusian export on the whole is similar to the structure of the world export except for one peculiarity – it is dominated by manufactured goods. Belarus is engaged in export by 19 commodity groups. Important exports include machinery, equipment and transport facilities, metals and fabricated metal goods, chemical industry products, mineral goods, foodstuffs, agricultural raw materials, light industry goods. Machine-building production together with goods of chemical and textile industries account for 60% of the total export. Belarus exports 90 – 95% of its tractors and automobiles, 70 – 75 % of metal processing machine tools, 70 – 80% of refrigerators and deep-freezers, 50% of television sets, 80 – 90 % of potash fertilizers, 60 – 80% of chemical fibres, almost all the tyres and motorcycles. Even in spite of the territory of Belarus accounting for 0.15% and the total population of Belarus accounting for 0.18 % of the world Belarus plays a significant role in terms of production of some goods. Therefore, Belarus produces 11% of the world volume of flax, 11% of potash fertilizers, 8% of tractors, 4% of potatoes, 1.3% of refrigerators, 0.6% of chemical fibres.

Export of services is also important for Belarus. Export of services into CIS countries increased by 25.9%, other foreign countries by 17%. The major services are transport, business, construction and oil processing services.Now, at the beginning of the XXI century Belarus has to cope with the task of the effective cooperation with foreign countries. Today, foreign trade strategy of Belarus aims at the increase of the effectiveness of foreign trade, competitiveness of Belarusian goods and their promotion at the foreign markets, insurance and financial guarantee of transactions, creation of favourable financial and credit conditions, development of trade infrastructure and new forms of trade. In 2000, Belarus managed to unify its currency exchange rates, tightened its monetary policy, and partially liberalized the foreign currency market. These developments led to the conclusion of a staff-monitored program in cooperation with the International Monetary Fund, addressing, among other topics price and wage liberalization, a widening of privatization, fiscal reform, the adoption of international accounting standards in the banking sector, to improve the investment climate.

Now, at the beginning of the XXI century Belarus has to cope with the task of the effective cooperation with foreign countries. Today, foreign trade strategy of Belarus aims at the increase of the effectiveness of foreign trade, competitiveness of Belarusian goods and their promotion at the foreign markets, insurance and financial guarantee of transactions, creation of favourable financial and credit conditions, development of trade infrastructure and new forms of trade

2) INVEST IN Belarus (КОНСПЕКТ)