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KAZAKH EU RELATIONS TO USHER IN A NEW STAGE AS EPCA IS ABOUT TO TAKE EFFECT

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by February 27, 2020 General

The Enhanced Partnership and Cooperation Agreement (EPCA) between Kazakhstan and the EU is due to take effect on 1 March 2020, with Kazakhstan being the first Central Asian country to conclude such an agreement with the European Union, the Kazakh foreign ministry’s spokesperson Aibek Smadiyarov says, Stratgey2050.kz correspondent reports.

The EPCA is a document of strategic nature and lays out the main directions of the cooperation between Kazakhstan and the EU, establishes a needed foundation for scaling up trade and economic, investment relations for a long haul, says the Kazakh foreign ministry’s spokesperson.

1 March 2020 is to usher in a new stage of the Kazakh European relations for it ensures the implementation of all the agreements and provisions covering 29 specific areas.

The Agreement is a practical instrument to make sure the sound conditions are in place for successful operation of Kazakh, EU entrepreneurs, consolidates the interaction among the two states’ companies, as well as strengthen contracts between the peoples of the two countries, he says.

Both sides gear toward revealing the potential between Kazakhstan and European Union in global and regional security, trade, investment, infrastructure development, innovation, visa simplification. Kazakhstan has a solid determination to productive cooperation with the EU, which is a key investment and trade partner of Kazakhstan. Half of Kazakhstan’s foreign trade turnover, as well as investment fall on the European Union.

2012 saw trade turnover between Kazakhstan and the EU countries stand at 31.3 billion US dollars. The growth dynamics indicated a 20% rise in trade in the period between 2015 and 2018. The National Bank’s statistic data indicate the first half year of 2019 saw 5.4 billion US dollars being attracted from the EU countries to Kazakhstan. The last 15 years have seen the amount of direct foreign investments stand at 150.9 billion US dollars, or 49% of the total investments.

Source: Kazakhtan 2050

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