Kazakhstan negotiating to sign free trade agreements with several countries

Business Materials 2 January 2021 23:29 (UTC +04:00)

BAKU, Azerbaijan, Jan. 2

By Nargiz Sadikhova - Trend:

Kazakhstan’s Ministry of Trade and Integration is currently holding negotiations with Egypt, Israel and India on possible signing of free trade agreements, Kazakhstan’s Minister of trade and Integration Bakhyt Sultanov said, Trend reports citing the ministry.

The minister said that Kazakhstan has recently signed the free trade agreement with Serbia.

"Now, Kazakhstan will be able to also export cheese, alcoholic drinks and cigarettes to Serbia duty-free. The potential for increasing Kazakhs exports to Serbia is estimated at $250 million. These are products of the petrochemical, chemical, metallurgical, machine-building, food industries and construction materials," Sultanov said.

In 2020, the ministry began to study the possibility of concluding similar agreements with Mongolia and Indonesia.

"Kazakhstan’s potential for increasing trade in the case of signing agreements with Mongolia is $220 million, with Indonesia is $525 million," the report said.

Talking the negotiations with Egypt, Israel and India, Sultanov said that the list of exemptions and a list of goods of export interest was already created with these countries.

"The ministry estimates that by concluding agreements with these three countries alone, Kazakhstan will be able to increase its trade turnover by $800 million, including by increasing exports of metal products, inorganic chemicals, machinery, equipment, tobacco products, food products and much more," Sultanov said.

He also added that Kazakhstan has an opportunity to increase exports by more than 1,800 types of goods (including 239 agricultural and 1,646 industrial goods) to India alone.


Follow the author on Twitter: @nargiz_sadikh