Agreement on common industrial policy of Belarus and Russia signed

On February 15, Belarus and Russia signed an intergovernmental agreement on a common industrial policy. The document was signed in Moscow by Deputy Prime Minister of Belarus Petr Parkhomchik and Deputy Prime Minister, Minister of Industry and Trade of Russia Denis Manturov, BelTA informs.

The agreement is aimed at import substitution and acceleration of the production localization processes in the Union State. According to the document, a common industrial policy will be implemented by expanding mechanisms to support projects in the Union State, reducing barriers, promoting the development of new competitive products, creating conditions for the use of advanced financial products.

The agreement is signed for three years and will be automatically prolonged for the same periods in the future if the parties do not object.