THE ECONOMIC projects implemented by Belarus and Russia have already gone beyond the realities of the post-Soviet space. Today, a high-level model of the Union integration is being formed while maintaining the specifics of regional requests.
Forms of economic integration provide modern states with a variety of options for choice. At the beginning of the journey, soft integration options are usually preferable. The parties are trying their capabilities and either stop or move forward towards a structural merger.
The states in the post-Soviet space have already gone through a difficult process of searching for the best options which had to take into account not only economic but also political demands. In the current crisis conditions, the system of regional relations has entered a phase of reconfiguration. This is due to many factors: the diversification of foreign economic cooperation between the countries of the region, shifting trajectories of logistics, fiscal and monetary flows, changes in foreign exchange markets, and sanctions pressure.
As practice shows, the integration portfolio should be based on real resources, the allocation of basic parameters in ensuring the economic stability of the country, the creation of protective mechanisms and financial cushion during the crisis. Such a triad is strategic for achieving the development of the state. Maintaining economic stability serves only as a current tactical task.
The Union State of Belarus and Russia in the current conditions has several important sections that help to build a picture of the changes in integration processes in the Eurasian region. It is the Eurasian region, since the economic projects implemented by Belarus and Russia have gone beyond the realities of the post-Soviet space.
An analysis of the development of economic cooperation between the two countries after 2020 demonstrates clearly that reliance on the strategic triad has enabled the formation of a new economic agenda of the Union State.
The first thing to look at is the content of the resource base. In addition to natural resources, it is equally important to have industrial potential, scientific and technical competencies, and human capital. Basic indicators of economic stability require the establishment of the range of trade and economic partnerships within the perimeter of the state's borders.
Protective mechanisms in the form of programs, concepts, and strategies ensure the strength of integration ¬union, and allow to promptly respond to external and internal changes.
The presence of such a platform made it possible to start moving towards achieving technological sovereignty, creating a single energy market, and forming a logistics ecosystem. The strength of the Union State in these processes is that all these areas are being developed and improved in crisis conditions.
Today we are witnessing the establishment of a union integration model, which claims to be a high-level one while maintaining the specifics of regional requests. The dynamics of economic cooperation between Belarus and Russia shows that tactical tasks are being successfully accomplished and the basis for the fulfilment of strategic tasks is being established.
The trade turnover between the two countries shows the highest rates. In the first half of 2024 , it was $ 25.1 billion, which is 6.4% higher compared to the first half of 2023. The commodity structure of Belarusian exports includes more than a thousand commodity items.
Import substitution is prioritised in economic cooperation. Today, 25 integration projects have been funded and are being implemented, 10 are in stage of approval and development. The projects cover the most high-tech industries like mechanical engineering, microelectronics, and the IT sector. According to the Ministry of Economy of Belarus, Russia has allocated a RUB 105 billion loan to Belarus for 12 import substitution programs in mechanical engineering, electronics and agriculture.
Within the framework of industrial cooperation, road maps are being implemented, establishing the practice of prompt response to the demand of enterprises, enabling the introduction of digital platforms, new competences and jobs, and attracting business. Strategic achievements are emerging in the depths of many areas of economic cooperation between Belarus and Russia, which will determine the future image not only of the Union State, but also of regional integration as a whole.
All these actions are impossible without a commitment to move towards each other, without closeness between nations. This is a separate multicomponent block that forms the success story of the union of Belarus and Russia.
Thus, the Common Economic Space of the Union State is a whole layer in the integration processes of Eurasia. In the architecture of regional economic cooperation, the values, development and security interests of the Union State determine the nature of not only Belarusian-Russian relations, but also have a balancing potential for the post-Soviet space and Eurasia as a whole.
Olga Lazorkina, analyst of the Belarusian Institute of Strategic Research (BISR)