Kazakhstan is expanding its trade
relations with foreign countries. The country’s government is negotiating free
trade agreements with Indonesia, Mongolia, and the United Arab Emirates. The
country aims to increase exports of domestic goods to these markets by nearly
$2 billion. Similar agreements are already in place with Singapore and Iran,
according to the mid-year report of the country’s Ministry of Trade and
Integration. Kazakhstan’s foreign trade exceeded $55 billion in the first five
months of the year. The top three trading partners are China, Russia, and the
European Union (EU). Among the priority directions of Kazakhstan is the entry
of domestic producers to new markets, as well as the export of finished
processed goods.
«The export of non-primary goods and services
exceeded $13 billion, with finished products accounting for $10.5 billion. Growth
was driven by high demand for non-ferrous metals and sunflower oil from
international markets. In recent years, the Kazakh services sector has also
shown positive export dynamics. The Ministry of Trade and Integration continues
to actively work on creating favorable conditions for establishing new markets
and enhancing cooperation with domestic producers,» said Aliya Abdrakhmanova,
Spokesperson for the Kazakh Ministry of Trade and Integration.
To increase the recognition of Kazakhstan’s
goods, five foreign trade missions have been organized since the beginning of
the year. As a result, contracts worth nearly $150 million were signed.
Kazakhstan’s trade houses and joint multifunctional centers are being opened in
foreign countries. New support mechanisms are being introduced to support
domestic producers.
«In January 2024, the law «On the Export Credit
Agency» was enacted, aimed at implementing a wide range of insurance and
financial support measures. In the first half of the year, the Agency
supported 30 exporters. Besides, the QazTrade national operator selected 120
domestic companies ready to enter the markets of China, Germany, Qatar, Saudi
Arabia, the United Arab Emirates, Uzbekistan, and the Kyrgyz Republic,» added
Abdrakhmanova.
Additionally, Kazakhstan’s e-commerce is also
expanding. According to the relevant ministry, work is ongoing to bring
70 companies to the Alibaba international trading platform. Notably, 290
domestic companies previously listed on the platform have already generated
sales revenue of $346 million. The issues of placement of e-commerce goods from
Central Asian countries to China and in the opposite direction in Kazakhstan’s
warehouses have also been worked out. Overall, the volume of e-commerce
amounted to 1.5 trillion tenge over the past six months.
