MINSK, June 19 (Xinhua) -- Russian President Vladimir Putin on Tuesday expressed his willingness to increase trade with Belarus to 50 billion U.S. dollars a year.

Russia is interested in the development of the Union State and the fostering of political and economic integration with Belarus, Putin said during a meeting of the Supreme State Council of the Belarus-Russia Union State in Minsk.

The Russian president said that trade between two countries needs to be further expanded and diversified. Last year, bilateral trade grew 23.5 percent to 32.4 billion U.S. dollars. Bilateral trade has also been increasing this year.

He noted that the volume of Russian investments in the Belarusian economy has exceeded 3.9 billion U.S. dollars. In turn, Belarusian enterprises have invested 620 million U.S. dollars in Russia.

Putin considers it important to improve the business and investment environment, to implement the agreed financial, credit and tax policies, and to continue the harmonization of regulatory activities.

In addition, he called for further measures to boost industrial cooperation between Belarus and Russia.