Cooperation between Belarus and China is systemic, strategic and mutually beneficial, member of the Standing Committee on Economic Policy of the House of Representatives Aleksandr Malobitsky told the media. The House of Representatives of the National Assembly of Belarus of the eighth convocation passed the bill "On Ratification of the Agreement between the Government of the Republic of Belarus and the Government of the People's Republic of China on Trade in Services and Investment" at a sitting of the second session on 10 January, BelTA has learned.
“Cooperation between Belarus and the People's Republic of China is systemic, strategic and mutually beneficial,” Aleksandr Malobitsky said. “Thanks largely to the efforts of the head of state, this cooperation is growing in new forms. As an example, we can cite an agreement related to the economic sector of our state. The adoption of the agreement will let Belarus increase the export of services by about 12.5%, while the investment flow, according to forecasts, will grow by 30%. In general, the agreement should have a positive impact on mutual investment flows between China and Belarus and a positive effect on trade in services.”
The agreement stipulates the establishment of a free trade zone in services between Belarus and China, the expansion and diversification of trade between the countries, ensuring fair competition in the markets, and the creation of a transparent and favorable investment climate. The agreement includes provisions regulating bilateral trade in services (considering the peculiarities of certain service sectors), making investment, movement of certain categories of individuals, as well as arrangements containing framework legal regulation of cooperation issues between the countries in various areas (e-commerce; micro, small and medium-sized enterprises; intellectual property; competition).
The agreement also regulates the procedure for resolving disputes on interpretation, application and compliance with the obligations of the parties, and the procedure for resolving investment disputes.
