The Export Development Project Office, established in Belarus last November for the purpose of developing the country's export, held its first meeting last week that announced the program of activities for the development of exports in 2017. The program included a separate program for the study of blockchain technology.

The study on blockchain will explore the possibility of its implementation including at the expense of the budget of the Union State, pilot areas in transactions trade finance Russian and Belarusian companies, subject to regulations of the Union State, issues of formation and execution of the budget Union state, among others, the release stated (loosely translated).

“The program of activities were aimed at stimulating the development of the Belarusian-Russian mutual exports and exports to third countries, as well as on the development of the Union State integration processes provided for in the Memorandum of Intent to establish integration development platform, and includes a number of priority measures in this direction,” it said (loosely translated).

The memorandum of intent to establish an integration of development platform was signed on December 8, 2016 between the Government of the Republic of Belarus, the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", JSC "Development Bank of the Republic of Belarus" State Specialized Russian Export-Import Bank (Joint Stock Company) (AO ROSEXIMBANK) and JSC "Bank BelVEB".

The memorandum aims for improvement of the financial and legal framework for the development of foreign trade between Belarus and Russia, and third countries. The parties involved will work together to expand opportunities for bilateral cooperation between the two countries as well as setting measures to support and promote exports, produced in the Republic of Belarus and the Russian Federation.