About Us Trade and Economic Relations

Trade and economic cooperation between India and Belarus steadily progressed since Belarus’ independence in 1991. Two-way trade registered a good increase from US$ 71.97 million in 2002 to a high of US$ 603.72 million in 2009. However, after hovering around US$ 500 million till 2012, bilateral trade came down to US$ 400 - 450 million primarily due to smaller imports of Potash fertilizer by India or reduction in its price in the international market. In 2018, bilateral trade stood at US$ 472 million as compared to US$ 445 in 2017. The trade balance remains in favour of Belarus. Belarus is an important source of Potash fertilizers for India. The bilateral trade figures (in US$ million) are as under:


Belarusian Exports

Belarusian Imports

Total (in US $ million)/TD

































[Belarusian Statistics]

There is keen interest on both sides in further strengthening and diversifying economic and commercial interaction considering the potential that exists in two countries.[Belarusian Statistics]

The necessary mechanism including India-Belarus Inter-Governmental Commission for Economic, Trade, Industrial, Scientific, Technological and Cultural Cooperation (IGC) is in place. The 9th IGC meeting was held in Minsk on 24th September, 2018. During the 7th IGC meeting held in Minsk in 2015, two sides set a new target of US $ 1 billion bilateral trade by 2018. The Indian Government announced a US$ 100 million line of credit to Belarus during the state visit of President of India to Minsk, Belarus in June 2015. The Government of India granted Market Economy Status to Belarus in 2015.

Both countries have exchanged business delegations and participated in each other’s business events from time to time. A delegation of businessmen led by the Minister of Industry of Belarus went to India in May 2015. They also signed a cooperation agreement with FICCI. Indian business delegation visited Belarus in June 2015 and signed many agreements with Belarusian companies. Belarus participated in the India International Trade Fair in November 2012 as ‘Partner Country’ with 60 companies and again as a ‘focus country’ in 2016 with 50 Belarusian companies. The 10th Session of India-Belarus Joint Business Council was held in New Delhi in November 2016. An India-Belarus Business Forum was organized in Minsk in November 2016 with the support of the Ministry of External Affairs of India.

Belarusian Industry Minister, accompanied by a Belarusian business delegation, participated in the Make in India conference held in Mumbai in February 2016.

The potential for increased cooperation is considerable which needs to be explored, identified and exploited. It offers promising market for India’s pharmaceutical and chemical products, automobile and knowledge-based enterprises. There are good possibilities of investments and joint ventures, particularly in view of the Belarusian industrial and technological strength in manufacturing giant tyres, agro-industrial machinery, mining equipment, and heavy-duty road construction machinery and also the disinvestment process in Belarus. Belarus desires to develop its own pharmaceutical production units aimed at import substitution. Belarus offers opportunities for participation by Indian companies in projects in power generation and power transmission sectors.

Pharmaceuticals, oil and gas, agriculture, fertilizers and food processing have been identified as areas of high potential. Both countries can also expand their links in a range of services such as IT, healthcare, financial services, transport and logistics. As for the energy sector, India has participated in the reconstruction of Grodno power plant in Belarus. BHEL supplied and installed equipment and machinery for Grodno Power Project II in June 2013. Belarus has shown interest in India’s mining sector. In 2011, Belaz signed an MoU with an Indian company Enrika for establishing a joint venture for servicing the Belarusian dump trucks in India. Four dump trucks were exported to India in 2012.

Pharmaceutical is an important area of cooperation between India and Belarus. 2016 witnessed the establishment in Belarus of three joint ventures in the pharmaceuticals sector between Indian and Belarusian companies involving around US$ 3 million investment by Indian companies. Under these joint ventures, the Indian companies will provide substance, technology and investment to their Belarusian counterparts. In 2016, a large Pharmexcil delegation visited Belarus for a Buyer-Seller Meet in Minsk and an ASSOCHAM delegation representing India’s medical equipment and devices, medical technology, healthcare, medical tourism and pharmaceuticals sectors participated as ‘partner country’ in BelarusMedica 2016 in Minsk. Both the delegations were sponsored by the Department of Commerce of India. Again, in May 2017, a large ASSOCHAM delegation participated in BelarusMedica 2017 in Minsk. An ASSOCHAM led Business delegation participated in Bel Agro, an International Agri Business Expo, held in June, 2018. A CII delegation visited Belarus in June, 2018 and was taken to see the Orsha Cluster. Back-to-Back discussions were held on the expansion of trade between the two countries. The delegation was satisfied with the outcome of the visit.

Trade basket:

India’s exports to Belarus: Medicines, antibiotics, raw tobacco and tobacco wastes, cotton yarn, electric transformers, extracts of coffee/tea, rice, compounds of carbonic acid, ferrous metal goods, etc.

India’s imports from Belarus: Potash fertilizers, nitrogen fertilizers, nylon cord materials for tyres, artificial threads, hot rolled rods, rubber wastes/off-cuts and scrap, raw iron or alloy-free steel, pneumatic rubber tyres and tubes, polyamides in primary forms, polycarboxilic acids and their anhydrides, etc.