Strengthening economic ties between Belarus and Russia: prospects and challenges

Abstract

The article examines the prospects and obstacles to strengthening economic ties between the Republic of Belarus and the Russian Federation. Today, the deepening of cooperation between them plays a strategic role for both countries in the current geopolitical situation, especially in the context of the prevailing global challenges. The objective of the research is to examine the potential for strengthening economic ties between Belarus and Russia in order to determine development prospects and reveal potential hindrances to this process. The scientific importance of the study lies in the expanding of knowledge about international economic transactions and their impact on regional economy. The practical importance of this work lies in the fact that it provides an assessment of the current state of relations between Belarus and Russia. The methodology of this work includes analytical coverage of economic data such as the volume of exports, imports, as well as the study of political and trade relations; data from the official web resource of the Federal Customs Service of Russia and the National Statistical Committee of the Republic of Belarus (“Belstat”) have been used. The information about the most exported and imported commodities has been collected from the Ru-Stat website. The main results and conclusions emphasize the importance of deepening economic relations between Belarus and Russia, as well as identify potential obstacles to this process. The article can contribute to a deeper understanding of the dynamics of economic cooperation within the Belarusian and Russian territories. In general, the conceptual approach to deepening economic relations provides understanding of the cooperation dynamics.