Customs Union countries encouraged to set up transnational corporations

Accoridng to BelTA, Vyacheslav Reut said the transnational corporations would allow the Customs Union member states to be less dependent on competition status on foreign markets.

He stressed Belarus is a consistent adherent of integration. "The Single Economic Space is the next quality stage in the Customs Union development," said Vyacheslav Reut. "Although it is the initial phase, the Single Economic Space is a reality that will influence the economic, political, and social development of all the member states".

Vyacheslav Reut remarked the integration speed is influenced by many factors, primarily differences in the structure of the economies of the three countries. Yet they face the same kind of problems such as high energy intensity of their products, considerable deterioration of equipment, and other ones.

The Single Economic Space brings benefits and risks, said Vyacheslav Reut. He believes it is necessary to explain to businesses and the general public that while they may incur losses now due to the Single Economic Space formation, benefits from integration will be massive in the future.

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