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Thursday, August 17, 2017

Belarus eases current account deficit with Customs Union, Common Economic Space

The Republic of Belarus' current account deficit with the Customs Union and Common Economic Space member countries fell to $4.648.4 million in January-June, down from $8.240.3 million in January-June 2012, according to figures released by the National Bank of Belarus.

The Customs Union of Belarus, Kazakhstan and Russia was established on January 1, 2010, and was launched as a first step toward forming a broader European Union-type economic alliance of former Soviet states, to be called the Eurasion Economic union.

Two years later, on January 1, 2012, the three Customs Union members introduced a Common Economic Space to promote further economic integration.

Then-Russian President Dmitry Medvedev said in his state-of-the nation address to both houses of parliament on December 22, 2011, that Russia intended to intensify economic integration in the post-Soviet space and expects the Eurasian Economic Union with Belarus and Kazakhstan to come into existence by 2015.