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Tuesday, September 17th, 2019

KAZAKH-UZBEK AGREEMENT: THE INTERNATIONAL TRADE AND ECONOMIC CENTER WILL BE ESTABLISHED

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Trade turnover between Kazakhstan and Uzbekistan increased by 11.1% in January-July 2019 and amounted to US $ 1.6 billion. Last year, according to the results of 2018, commodity turnover between the two countries increased by 40.8% and reached $ 2.8 billion. In 2017 this figure was $ 2 billion.

Vice-Minister of Trade and Integration K.Ch. The Kazakh-Uzbek Business Council with the participation of Turebayev was held to discuss issues related to opening of retail distribution centers and wholesale markets, reduction of railway tariffs for transit transportation in the territory of Kazakhstan, and obstacles to development of cooperation between entrepreneurs of the two countries. The country’s delegation was a business group of pharmaceuticals, food, construction, chemical and mechanical engineering industries.

Vice Minister K. K. Torebaev delivered a speech to the participants of the Business Council.

“The current state of the Kazakh-Uzbek trade and economic cooperation and the prospects for its development are at a high level. The interaction between the two countries has risen to a qualitatively new stage of dynamic development. Trade cooperation is strengthening. Between January and July this year, the turnover increased by 11.1% to 1.6 billion US dollars. US dollars. According to the results of last year, the trade turnover between the two countries increased by 40.8% and reached $ 2.8 billion. And in 2017 – $ 2 billion, “K.Torebayev said.

Vice-Minister of Trade and Integration of the Republic of Kazakhstan K.Torebayev also co-chaired the meetings of the working groups on establishment of the Center for International Trade and Economic Cooperation “Central Asia” in Tashkent.

The working groups on the issues of the creation of the International Center for Trade and Economic Cooperation “Central Asia” in Tashkent and the development of proposals on mutually enlarging the trade turnover between Kazakhstan and Uzbekistan were discussed at the meeting with Vice Minister of Trade and Integration K. Turebaev and Deputy Minister of Investment and Foreign Trade of Uzbekistan L.Sh. Kudratov has co-chaired the meeting.

During the meetings of the working groups the issues of the future location of the center, technical regulation, the goods planned to be transmitted through the center were discussed in detail. The sides discussed further expansion of the commodity circulation and expansion of the nomenclature of supplied goods, interregional cooperation and cooperation in transport and customs discussed issues.

During the negotiations, the Kazakh side informed the Uzbek side about the possible ways of expanding trade cooperation to fulfill the President’s instruction to bring the commodity turnover to $ 5 billion by 2020.

The Ministry of Trade and Integration of the Republic of Kazakhstan also emphasized the need to continue joint work to expand the range of goods and services provided, as well as to promote goods in the market of third countries.

According to the Vice Minister of Trade and Integration of the Republic of Kazakhstan, Kazakhstan is ready to increase the supply of agricultural products to the Republic of Uzbekistan in the amount of $ 209.0 million for the supply of 70 items of industrial products with mineral products. According to both parties, the International Center for Trade and Economic Cooperation “Central Asia” is of inter-regional significance for both countries.

At the end of the event, Kazakhstani side acquainted with the conditions of doing business in the country, reforms and projects implemented in Kazakhstan, and concluded the agreement on salt extraction between the company “Araltuz” and the Uzbek Diplomatic Finance Company for the amount of 200 thousand euros.

Source: Kazakhtan 2050

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