Belarus needs WTO membership faster

VITEBSK, 18 October (BelTA) – Belarus should step up the accession to the World Trade Organization, BelTA learned from Mr Alexander Luchenok, Doctor of Economy, department head of the Economy Institute of the National Academy of Sciences of Belarus. Alexander Luchenok took part in the international scientific and practical conference Social and Economic Development of Organizations and Regions in Belarus: Sustainability, Development, Innovations. The conference took place in the Vitebsk State Technological University on 18 October. According to the scientist, the problem of attracting investors is one of the problems caused by Russia’s accession to the WTO. Although Belarus boasts a favorable tax policy regarding investors, the WTO membership of Belarus’ partner in the Single Economic Space can reduce Belarus’ investment appeal. “It will be possible to sell Russia-made goods all over the world. It is an attractive factor for businesses. This is why it is so important for Belarus to step up efforts to join the World Trade Organization,” Alexander Luchenok is convinced. The professor believes that the developers of the next year’s national budget tried to accommodate the negative consequences of Russia’s accession to the WTO although it is unclear how fast Russia will switch to WTO rules and how fast Russian borders will be opened to imports. “The next year’s budget is balanced and provides for minimal inflation rates. The economy growth is expected at 8.5%, which is rather promising,” remarked the scientist. The amendments introduced to the Budget Code follow the spirit of the Single Economic Space and the Eurasian Economic Community, he added. Speaking about the situation in the Belarus economy on the whole, Alexander Luchenok said it is stable but he is convinced that not all the reserves have been used yet. In particular, the monetary and credit system has a high potential.

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