Belarus helps Korean companies enter Customs Union market

        Belarus is a springboard allowing Korean companies to penetrate the market of the Customs Union, said Sung Moon Park, partner at the Korean legal firm DR & Aju Partners, advisor on international investment disputes at the Justice Ministry of Korea, President of the Korea-Belarus Friendship Association. He took part in the seminar dedicated to the 20th anniversary of establishing Belarus-Korea diplomatic relations in Minsk.
        Talking about the bilateral economic cooperation, Counselor of Korea’s Embassy in Minsk Kim Jae Woo noted that Korea’s export to Belarus exceeded $58 million and Belarus’ export to Korean was estimated at $9.22 million in 2011. The total trade between the two countries exceeded $67 million.
Korea’s major exports to Belarus include petrochemicals, vehicles, pharmaceuticals, construction machines. The bulk of Belarusian exports to Korean were made of semiconductors and their parts, petrochemical products, farm machines and man-made fibers. “Korea and Belarus mainly deal in heavy industry and chemical products, high-tech products, which is beneficial for developed countries,” the Counselor of Korea’s Embassy said.
        Belarus and Korea concluded interstate agreements on avoidance of double taxation, agreements in aviation, trade and economy, science and technology, which is the foundation for economic cooperation. The two countries also signed interagency agreements between the chambers of commerce and industry, customs services, research centers, organizations for standardization of technologies, and currency and stock exchanges.