EAEU counties, China to expand mutual trade

Business Materials 30 May 2019 10:56 (UTC +04:00)
EAEU counties, China to expand mutual trade

Baku, Azerbaijan, May 30

By Nargiz Sadikhova - Trend:

Parliament of Kazakhstan approved a bill between China and countries of the Eurasian Economic Union (EAEU), to which Kazakhstan is a signatory state, at a plenary meeting of Kazakhstan’s Senate, Trend reports citing inbusiness.kz

The bill “On ratification of the agreement on economic and trade cooperation between the Eurasian Economic Union and its member states, on the one part, and the People’s Republic of China, on the other part” was presented by Ruslan Dalenov, the Minister of National Economy of Kazakhstan.

“The agreement will allow for the improvement of the mutual trade between member states of EAEU and China,” he said.

“The agreement covers issues of customs cooperation and protection of intellectual property rights. Furthermore, the exchange of information on measures to protect the internal market and on the available subsidies is also envisaged,” the statement read.

“The agreement does not provide for elimination or reduction of the duties, but it does allow to simplify the procedures of technical regulations, sanitary and phytosanitary measures, which are used within the mutual trade,” Dalenov said.

In his words, the realization of the bill does not require allocation of the republic budget assets.

“China is among most important trade partners of Kazakhstan and the development of the contractual framework will further strengthen the trade and economic cooperation between both countries,” he added.

(1USD = 380.95 KTZ on May 30)


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