Kazakhstan to open 10 trade missions abroad

By Azernews

By Abdul Kerimkhanov

Kazakhstan will additionally open 10 trade missions abroad in 2019, Kazakh media reports quoting the Deputy Minister for Investment and Development of Kazakhstan, Kairbek Uskenbayev.

A trade office was opened at the Chamber of Foreign Trade of Kazakhstan as part of the provision of service measures to support exporters in Novosibirsk this year. In 2019, country plans to open in addition 10 representative offices in such countries as Russia (Kazan, Moscow, Yekaterinburg), Uzbekistan (Tashkent), UAE, Kyrgyzstan (Bishkek), Belarus (Minsk).

Within the framework of the implementation of the head of state’s address to financial measures to support concessional lending, pre-export financing and provision of state guarantees over the next three years, 500 billion tenge ($1,36 billion) will be allocated, Uskenbayev said.

"Over the next three years, Kazakhstan plans to increase the export potential of the non-primary sector of the economy by 1.5 times. Compared to 2016, in 2017, the country's export potential grew by 31 percent and amounted to $48.3 billion, of which non-primary component is $15.6 billion. This year, the positive trend continues, as the country records a growth of 28 percent for nine months of 2018. Total exports amounted to $44 billion," he added.

The key markets are the EAEU countries and the EU countries.

"Kazakhstan today represents more than 800 goods of the manufacturing sector in 113 countries of the world. In recent years, more than 46 new product items have been launched. According to the results of the first half of 2018, more than 50 investment projects were commissioned, including 9 export-oriented projects. In the second half of the year, it is planned to commission more than 25 export-oriented investment projects," Uskenbayev concluded.

Kazakhstan became a World Trade Organization (WTO) member on November 30, 2015.

The country officially entered into a Customs Union with Russia and Belarus on July 1, 2010. Since that time, Kazakhstan’s trade policy has been heavily influenced by regulations promulgated by the Customs Union and its governing body the Eurasian Economic Commission.

On May 29, 2014, Kazakhstan and its Customs Union partners signed a treaty to create a common economic space known as the Eurasian Economic Union (EAEU). The EAEU is expected to further integrate their economies, and provide for the free movement of services, capital and labor within their common territory. The government of Kazakhstan has asserted that EAEU agreements comply with WTO standards.

Kazakhstan’s government is optimistic that further integration within the EAEU will make Kazakhstan more attractive for foreign investment by expanding market access to those countries.

Kazakhstan is a signatory of the Free Trade Agreement with CIS countries. In addition, as a member of the EAEU, Kazakhstan is party to the Free Trade Agreement between the EAEU and Vietnam.