Abstract. The article analyzes economic relations of Byelorussia with its Western neighbours, namely Poland, Latvia and Lithuania. Importance of Byelorussia and its Western neighbours for each other is revealed, mutual interests in development of cooperation are analyzed. Main directions of economic cooperation – mutual trade, investment cooperation, cooperation in transportation and logistical sphere, border cooperation – are considered. It is shown that in spite of different geopolitical orientation evident progress in mutual economic relations has been achieved during the last 20 years. At the same time there are serious problems hampering the use of the cooperation potential in full measure: differences of economic systems of Byelorussia and neighbouring countries, complicated domestic economic situation etc. Specific features of economic cooperation of Byelorussia with each partner are considered. Prospects of development of mutual relations within the next few years are estimated.