Europe

Europe

Russia, Belarus seek closer economic ties

15 August 2011 17:58 (UTC +04:00)

Baku-APA. Russian Prime Minister Vladimir Putin Monday lauded the economic achievements made within the Russia-Belarus Union State and pledged closer economic ties with Belarus, APA reports quoting Xinhua.

Putin made the remarks during talks with visiting Belorussian Prime Minister Mikhail Myasnikovich in a session of the Council of Ministers of the Russia-Belarus Union State.

Putin told Myasnikovich that integration of the two countries "brings weighty economic benefits", adding that Moscow and Minsk should do their best to coordinate economic policies due to "serious volatility and uncertainty" on the global financial markets.

"These problems are caused by the downgrade of the U.S. credit rating and debt problems in the euro zone," Putin said.

In turn, Myasnikovich mentioned U.S. sanctions against Minsk, saying it is "a challenge to both our Union State and the Common Economic Space."

The two sides also discussed 16 issues on the meeting agenda, from boosting tourism and small businesses to military cooperation and creation of the common scientific space of the Union State.

Russia and Belarus signed the Union Treaty in December 1999, which brings their cabinets together for joint meetings. Currently, Russia is the major trade partner of Minsk accounting for 45 percent of Belorussian exports.