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Kazakhstan, Russia to focus on boosting mutual trade as COVID restrictions are lifted

Business Materials 11 February 2021 12:41
Kazakhstan, Russia to focus on boosting mutual trade as COVID restrictions are lifted

BAKU, Azerbaijan, Feb. 11

By Nargiz Sadikhova - Trend:

Kazakhstan and Russia expect that as the COVID-related restrictions are lifted and the situation with the pandemic stabilizes the trade turnover volume between the two countries will reach the pre-pandemic levels and also further increase, Trend reports citing the Kazakhstan’s Ministry of Trade and Integration.

The topic was discussed during the meeting held between Kazakh Minister of Trade and Integration Bakhyt Sultanov and Russian Minister of Economic Development Maxim Reshetnikov.

The parties noted during the meeting that despite the restrictions associated with the spread of the coronavirus infection, the economic interaction of Kazakhstan and Russia has shown resistance to external challenges.

Thus, the bilateral trade decreased by 4.6 percent over 11M2020 as compared to 11Q2019 amounting to $17.2 billion. The parties noted that the volume and dynamics of mutual trade were influenced by anti-epidemic restrictions in 2020.

The parties expect that as the restrictions are removed and the situation normalizes in 2021, the losses of the previous year will be compensated and the trade turnover between the countries will grow.

The parties also talked bilateral cooperation within the framework of the Eurasian Economic Union (EAEU).

Following the end of the meeting parties agreed to organize regular contacts in order to develop economic cooperation between the countries in bilateral and multilateral formats.

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Follow the author on Twitter: @nargiz_sadikh

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