Trade and Economic Cooperation
Belarus and Latvia are united by stable trade and economic ties. Latvia is an important trade partner, investor of the Republic of Belarus as well as a major transit corridor for Belarusian export to third countries.
In 2022 Latvia ranked 15th in terms of trade and 12th in terms of exports among the countries with which Belarus conducts foreign trade operations.
Trade turnover between Belarus and Latvia, million USD
In 2022, trade with Latvia decreased due to the entry into force of trade restrictions on certain Belarusian goods. These actions Belarus considers as contradicting the universally recognized principles and norms of international law.
The basis of merchandise exports to Latvia is forestry and woodworking products, metal products, building materials, food and cosmetic products, and furniture.
Belarus imports electrical machinery and equipment, medicines, food and textile products from Latvia.
Transport, other business and computer services are major services in foreign trade turnover.
Enterprises with the Latvian capital operate in Belarus. Latvian investors show interest to the projects in the field of trade, services, woodworking, pharmaceuticals, food production and other products.
The following joint projects have been implemented: Ancols and Partners restaurants, New Europe Cinema cinemas, Jysk stores, modernization of Rem Pro cable TV and Internet networks, Food Union milk processing plant in Gomel, Olainfarm pharmaceutical company in Grodno.
The priority area of the Belarusian-Latvian cooperation remains in transport and logistics sectors. Promising is the further development of cooperation in woodworking, pharmaceutical, food industry, and tourism.
The electronic platform of the Belarusian Universal Commodity Exchange for the purchase of Belarusian products is actively used by Latvian companies, their number is constantly growing.
Belarusian manufacturers are interested in supplying various high-quality products to meet the needs of Latvia, including electric buses, agricultural machinery, elevator equipment, cable products.
Significant potential for the development of bilateral cooperation exists in the service sector, especially in the information and communication technology sector, which demonstrates steady growth.
Work is underway to improve the automotive infrastructure and roadside services, create joint tourism products and routes in order to maximize the effective use of the tourism potential of the two countries.
Issues of developing bilateral relations are discussed during the meetings of the Belarusian-Latvian intergovernmental commission on economic, scientific and technical cooperation chaired by the ministers of transport, the Business Cooperation Council chaired by the chiefs of railways, the Joint Commission on International Road Communication, the working group on transport.
In 2018 in Minsk the prime ministers of the two countries signed an intergovernmental Memorandum of Understanding and an Action Plan on the main areas of economic cooperation in the medium term.
The 14th meeting of the Intergovernmental Commission was held on October 2, 2019 in Minsk.
In 2020 despite the widespread restrictions on trade among partner countries due to the pandemic and measures against coronavirus, Belarus managed to ensure the growth of household incomes against the backdrop of a slight decline in GDP, maintain the macroeconomic balance of the economy, and achieve a positive balance of foreign trade in goods and services.
The Belarusian way of dealing with the consequences of the pandemic subsequently went to most countries of the world. Measures to support the population and the economy proved to be effective.
Belarus has been building good neighborly relations with the countries of the world for three decades and has achieved significant success in the development of the country. Belarus and Latvia are united by close trade and economic ties, long-standing friendship and good neighbourly relations of peoples, family ties of Belarusians and Latvians. This is a solid basis for maintaining and further deepening mutually beneficial cooperation.
Despite the unfriendly steps of the neighboring countries favorable conditions for the work of both local businesses and representatives of foreign business circles have been preserved in the Republic of Belarus. Foreign business and the rights of investors are under reliable protection/ Business is provided with maximum support, preferential treatment, significant tax and other benefits.
