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TRADE TURNOVER BTWN KAZAKHSTAN AND UZBEKISTAN MAY GROW TO $5 BLN IN 2020

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by February 25, 2020 Market

After that 2018 was named by the Presidents of Kazakhstan and Uzbekistan a breakthrough year in the development of trade and economic cooperation between the countries, there has been a significant increase in trade turnover from 3 billion dollars in 2018 to the expected 5 billion dollars this year, President of Kazakhstan’s Union of Oil and Fats Konstantin Nevzorov said, Strategy2050.kz reports referring to Agro Industry KZ.

In his opinion, this figure can be increased due to the development of open market relations between Kazakhstan and Uzbekistan, instead of mutual competition with restrictions on access to raw materials and finished products.

In particular, due to its climatic conditions, Uzbekistan purchases oilseeds, as well as finished oil and fat products, from Kazakhstan at market prices. Open, equal competition in the markets for raw materials and finished products will lead to the prosperity and modernization of production in both countries, the expert is sure.

So, according to Nevzorov, for a greater economic effect Kazakhstan should not introduce bans on the export of raw materials from the country, and Uzbekistan, in turn, should not increase duties on finished products.

Source: Kazakhtan 2050

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