Eurasia Partnership: Analysis & Recalibration
- Despite growing political connections, trade between India and Belarus has struggled to reach its potential.
- After peaking at US$364 million in fiscal year 2021-22, India's exports to Belarus plummeted to US$50,000 and US$11 million in the most recent periods (FY2023-24 and FY2024-25, respectively).
- In 2019, BelAZ, a Belarusian automobile manufacturer, signed a contract with Coal India Ltd for 77 mining dump trucks.
uncover the hurdles facing India-Belarus trade, even with strengthening political bonds. Despite a US$1 billion trade target set a decade ago, current figures fall dramatically short. This analysis delves into plummeting exports,limited investment primarily focused on the pharmaceutical sector,and the role of multilateral platforms like SCO and BRICS. We dissect the impact of Belarus’s evolving relationships,especially those with Pakistan,and how differing foreign policy views create unexpected friction. Explore key challenges around economic engagement and diplomatic dialog, noting that a recalibration is needed. News Directory 3 explores how these economic and geopolitical factors affect this Eurasian partnership. Discover what’s next as India and Belarus prepare for a new IGC session; will it revitalize trade?
India-Belarus Trade Faces Challenges despite Political Ties
updated June 15, 2025
Despite growing political connections, trade between India and Belarus has struggled to reach its potential. A decade ago, the inter-Governmental Commission (IGC) set a trade target of US$1 billion, but a dramatic drop in Belarus’ fertilizer supplies and stagnant exports from India have kept the two countries far from this goal.
After peaking at US$364 million in fiscal year 2021-22, India’s exports to Belarus plummeted to US$50,000 and US$11 million in the most recent periods (FY2023-24 and FY2024-25, respectively). While India remains a key supplier of pharmaceuticals, organic chemicals, machinery, and electronics, its exports to Belarus have fluctuated around a modest US$60-70 million.
Several bilateral deals have been forged in recent years. In 2019, BelAZ, a Belarusian automobile manufacturer, signed a contract with Coal India Ltd for 77 mining dump trucks. Minsk tractor works (MTW) has also entered the Indian market through an agreement with Erisha Agritech Private Ltd, expanding its presence in South Asia.
Though, India’s investment in the Belarusian economy remains limited, estimated at around US$5 million, largely focused on joint ventures in the pharmaceutical sector. Credit lines have been extended, including a US$55.5 million project for the Grodno Power Plant and a digital learning center in Minsk,but a US$100 million credit line announced in 2015 has seen no further developments.
Political engagement between India and Belarus primarily occurs at multilateral platforms such as the Shanghai Cooperation Organisation (SCO) and BRICS. The last formal bilateral summit took place in 2017, although recent years have seen increased communication between the two countries’ foreign ministers.
People-to-people ties have strengthened with the launch of direct flights between Minsk and New Delhi and approximately 1,000 Indian students studying at belarusian universities.
However, Belarus’ growing ties with Pakistan, evidenced by reciprocal visits between President Alexander Lukashenko and Prime Minister Shehbaz sharif, could create friction, given Indo-pakistani tensions. Lukashenko’s past mischaracterizations of indian foreign policy have also raised concerns.
To enhance its relationship with Belarus, India needs to devote greater attention to its foreign policy in Eurasia. The absence of high-level visits and economic initiatives in recent years highlights the need for renewed focus.
Whether india and Belarus can elevate their partnership to a strategic level hinges on overcoming obstacles to economic engagement, establishing regular political dialog, and accommodating each othre’s foreign policy imperatives.
What’s next
India and Belarus are preparing to convene a new IGC session and buisness summit soon, signaling a potential effort to revitalize their partnership.