The bilateral trade between Belarus and Russia will exceed $40 billion in 2011, State Secretary of the Belarus-Russia Union State Pavel Borodin said as he met with Chairman of the Vitebsk Oblast Executive Committee Alexander Kosinets, BelTA has learned.

“In Q1 2011 the bilateral trade between our countries made up $11 billion. At the end of the year it will exceed $40 billion,” Pavel Borodin said and added that Russia does not have such advanced economic relations with some other industrial countries.

Pavel Borodin also reminded that the parties are currently discussing new joint programs to produce footwear, agricultural equipment, trams and trolleybuses, etc. “These projects will contribute to further strengthening Belarusian-Russian economic relations, ” Pavel Borodin is convinced.

According to Alexander Kosinets, Vitebsk Oblast is eager to consider any new projects and initiatives. For instance, the parties are discussing a $3.5 billion project to construct a petrochemical plant. “We are interested in establishing new plants, logistics centers, promoting industry,” Alexander Kosinets concluded. He also stressed that the positive dynamics of the region’s development allows making plans for the future.

Thus the Vitebsk Oblast GDP went up 13% in January-May 2011 over the same period last year. The labor productivity and industrial output increased as well.