Putin: mutual trade volume of Russian-Belorussian Union State decreased by 5% in 2014

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Measures are taken to overcome this situation and ensure sustainability of business interaction, assured the Russian leader

The volume of mutual trade of the Union State of Russia and Belarus decreased by 5% in 2014. President of the Russian Federation Vladimir Putin announced this today at the end of the meeting of the Supreme Council of the Russian-Belorussian Union State.

"Recently, there has been some reduction in the volume of mutual trade resulted from unfavorable global market conditions - fall in oil prices, sharp exchange rate fluctuations, he said. In 2014 it amounted to about 5%.

"Prompt measures are taken to overcome this situation and ensure sustainability of business interaction, assured Vladimir Putin. "The governments adopted an action plan to improve conditions for further development of trade and economic cooperation," he said.

According to President of the Russian Federation, it is a "joint anti-crisis plan aimed at further strengthening of integration between Russia and Belarus."

In this regard, Putin stressed that all the provisions of this document "will be implemented in accordance with our obligations under the Eurasian Economic Union."

He also added that the citizens of the Union State have already "enjoyed the benefits of the project which has also became the foundation for Eurasian integration."

Budget priorities

The Russian leader also said that almost half of the budget of the Union State of Russia and Belarus in 2015 will be directed to provide state support for the development of high technologies.

"We will continue to give state support to the high-tech programs," he said. According to President, "almost half of the Union State budget for 2015 which has been approved today is allocated for this sector."

Putin also underlined that priorities and primary goals for further development of the Union State in the midterm were approved at today's meeting. "We hope that if we implement them step by step, we will create new joint ventures, jobs, strengthen the transport infrastructure of the countries," said Putin. Another priority is "to increase mutual investment activity."

"Belarus accumulates most of the Russian investments, stressed President of the Russian Federation. And much of them are concentrated in the real economy."

According to him, at today's meeting the parties also came to an agreement to support new energy, automobile production and electronic industry projects.

Text and pictures by TASS