Belarus, Ryazan Oblast to revise legal framework to balance trade

RYAZAN, 25 July (BelTA) – Ryazan Oblast and Belarus will revise the legal framework of the bilateral cooperation to balance the trade, Ambassador Extraordinary and Plenipotentiary of Belarus to Russia Igor Petrishenko said following his meeting with Ryazan Oblast Governor Oleg Kovalyov on 25 July, BelTA has learnt.

The ambassador informed that the two countries agreed to update the legal framework to keep up with time. The agreement between the government of Belarus and Ryazan Oblast will cover cooperation in trade, economy, science, engineering, humanitarian and cultural contacts. The agreement will also stipulate a specific action plan.

According to the ambassador, this agreement will allow balancing the trade with Ryazan Oblast, because so far Belarus has a significant trade deficit. Igor Petrishenko noted that the agreement will facilitate and promote cooperation between Ryazan Oblast and Belarus and Belarusian regions.

The ambassador thanked the governor for assistance in boosting trade, economic and cultural links. In his words, over the past five years the trade expanded 2.3 times.

Igor Petrishenko informed that Belarus seeks to increase supplies of machinery to Ryazan Oblast and is ready to offer a new lineup of products.

In 2012 the trade between Belarus and Ryazan Oblast was estimated at $549.1 million, up by 30.3% compared to 2011. The export stood at $79.1 million, up by 24.85%, the import at $469.9 million, up by 31.2%. Belarus had a trade deficit of $390.8 million.

In January-May 2013 the trade amounted to $61.9 million, down 4.8 times over the same period in 2012. The export made up $26.1 million, down by 19.1%, the import $35.8 million, down 7.4 times. Belarus’ trade deficit reduced to $9.7 million.

In January-May 2013, Belarus’ major exports to Ryazan Oblast were fiberglass ($5.6 million), trucks ($2.2 million), machines and devices for harvesting and threshing ($1.4 million), milk and condensed and powdered cream ($1.3 million), oil products ($1.1 million), products from cement, concrete or artificial gems ($0.9 million), machines for lifting, moving and loading or unloading ($0.8 million), nonwoven fabric ($0.8 million). Belarus’ major imports from Ryazan Oblast were ferrous scrap and waste, leather, frozen fish and polished glass.