Updated at 18:18,16-07-2018

Russian Prime Minister Touts Benefits of Single Currency


The introduction of a single currency by Belarus and Russia would stimulate business activity in the two countries, simplify mutual settlements and cut business costs, Russian Prime Minister Vladimir Putin told reporters after a meeting of the Belarusian-Russian Union State’s Council of Ministers in Brest on Tuesday.

Mr. Putin said that the meeting had focused on a number of proposals to develop industrial cooperation between the two countries. "We expect these projects to develop," he said, describing the current level of industrial cooperation between Belarus and Russia as "very high." Many industrial enterprises in one country cannot exist without enterprises in the other country, he stressed.

The Russian prime minister noted that the recent establishment of the Customs Union of Belarus, Kazakhstan and Russia had already led to a sharp increase in deliveries of Belarusian-made goods to the Russian market.

Belarusian Prime Minister Syarhey Sidorski, for his part, said that the development of industrial cooperation between the two countries allowed Belarus to raise exports to Russia. He noted that Belarus was seeking to create an innovation-based economy. "We have preserved the microelectronics, optics, precision engineering industries, which are being integrated into the Russian economy today," Mr. Sidorski said.