Belarus, Russia to pursue unified industrial policy

MINSK. Feb 15 (Interfax) - Belarus and Russia have signed an agreement on a unified industrial policy, the BelTA state news agency reported on Wednesday.

"Belarus and Russia have signed an intergovernmental agreement on a unified industrial policy. The document was signed in Moscow on February 15 by Belarusian Deputy Prime Minister Pyotr Parkhomchik and Russian Deputy Prime Minister and Industry and Trade Minister Denis Manturov," the report said.

"The agreement was signed for the purpose of import substitution and speeding up production localization processes in the Union State," the agency said.

Under the document, "a unified industrial policy will be pursued by expanding mechanisms for supporting projects in the Union State, reducing barriers, stimulating the development of new types of competitive products, creating conditions for using progressive financial products," the report said.

The three-year agreement could be extended for the same period, should the parties have no objections.