Snopkov calls for increased use of national currencies in trade in Customs Union

"The Economy Ministry believes that at this point it is very important that the Customs Union agrees to increase the use of national currencies in mutual settlements," Nikolai Snopkov said. He expressed confidence that this will make the economic situation even more stable in individual countries of the Customs Union and strengthen the Customs Union as the economic system.

Starting from 1 January 2013 the countries of the Customs Union will exchange data on the three main economic indicators: the budget deficit, public debt, inflation; Kazinform refers to BelTA.

Nikolai Snopkov added that the accession of Customs Union members to the WTO does not affect the interests of each member of the Customs Union. Only one-third of Belarus' imports are subject to customs regulations. "If Customs Union regulations are better than WTO standards, we adhere to the provisions of Customs Union agreements. In 2010 the average customs tariff rate edged down 1.36%, while the volume of budget revenues remained the same.

It proves the fact that Belarus is an open economy. "Our economy depends largely on import and export. It means that if we impose fewer restrictions, our exporters will face fewer restrictions in third countries," the minister said.