Belarus, China to try out national currencies in interbank payments

Belarus and China are planning to make an experiment of using national currencies in the interbank payments. It is highly important for the development of the bilateral trade and economic cooperation. This intent of the central banks of the two countries was approved at the tenth session of the Belarusian-Chinese intergovernmental commission for trade and economic cooperation in Beijing on December 2. The Belarusian delegation was headed by Chairman of the State Control Committee Zenon Lomat, the Chinese delegation by Vice Minister of Commerce of the People’s Republic of China Fu Ziying, BelTA learnt from the Embassy of Belarus in China. The participants of the session exchanged the information on the socio-economic development of the two countries, the impact of the global financial crisis on the economic situation, the issues of the mutual trade, the state and prospects of the Belarusian-Chinese investment cooperation. The participants of the meeting emphasized that the bilateral trade and economic cooperation has been gradually moving from simple trade towards large investment projects and joint ventures. In order to improve the structure of the mutual trade the Belarusian side offered a range of promising projects, in particular, to produce BelAZ mine trucks and Belarus tractors in China. Discussing the impact of the global financial crisis on the bilateral trade relations the two sides agreed to cooperate in addressing problems and jointly withstand the risks in order to create conditions for expanding mutual trade, investment and credit-financial cooperation. Having praised a high level of credit and investment contacts with China, the Belarusian side expressed sincere gratitude to the PRC for support in the implementation of mutually beneficial investment projects in Belarus. The head of the Belarusian delegation thanked the Chinese side for many-time grant assistance to the Republic of Belarus and for an opportunity to take part in various courses and seminars in China. The participants of the session said that the potential of the interregional trade and economic cooperation is not used in full. They decided to involve the Belarusian Chamber of Commerce and Industry, its representative office in Beijing and the Chinese committee supporting the development of the international trade in this work. After the session the two sides signed a memorandum of the tenth session of the Belarusian-Chinese commission for trade and economic cooperation and the intergovernmental Belarus-China agreement on China’s grant assistance to Belarus. The heads of the delegations emphasized that the session was held in a friendly and open atmosphere which attests that the two sides are truly intent to continue the development of mutually beneficial cooperation. The next, 11th, session is due to take place in Minsk in 2009. On December 3, the Belarusian delegation was received by Vice-Premier of the State Council of the People’s Republic of China Wang Qishan.

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