First Vice Minister of Trade and Integration, Aizhan Bizhanova, engaged in a productive meeting with Igor Artemyev, President of the St. Petersburg International Mercantile Exchange (SPIMEX) in Moscow, Ministry of Trade and Integration reported. The SPIMEX stands as Russia's largest commodity exchange, facilitating 99% of organized trading in key sectors such as oil, gas, timber, and mineral fertilizers.
The meeting aimed to bolster the strategic partnership between Kazakhstan and Russia. Bizhanova conveyed the shared commitment to strengthen ties and expressed optimism about the future prospects of cooperation with the prominent commodity exchange.
The gathering included notable participants such as the Deputy of the Mazhilis of Parliament, Ekaterina Smyshlyaeva, and the Deputy Chairman of the Agency for Protection and Development of Competition, Yerlan Alzhan.
Bizhanova highlighted the ongoing legislative reforms in Kazakhstan's exchange market. These reforms encompass updating the list of exchange goods, enhancing exchange trading potential, digitizing trade flows, and tightening government control to ensure transparency and liquidity in trading.
Igor Artemyev, the head of SPIMEX, provided insights into the development of exchange trading in Russia. He discussed the introduction of new exchange instruments on the commodity exchange, including commodity derivatives, and showcased the IT infrastructure supporting exchange trading.
Expressing gratitude for the warm reception, Bizhanova proposed a joint examination of critical export and import dependence between the two nations. The aim is to develop recommendations for enhancing trade flows and improving transportation through exchange trading instruments.
Bizhanova further emphasized Kazakhstan's assumption of the chairmanship of the Eurasian Economic Commission (EEC) bodies, foreseeing a period of active collaboration over the next four years. The goal is to foster an increased working atmosphere across all economic sectors, ultimately benefiting the well-being of the Eurasian Economic Union (EAEU) member countries.
Concluding the meeting, both parties affirmed their commitment to continue collaboration in the field of exchange trading. The agreement signifies a joint effort to translate these high-level agreements into practical initiatives.
The meeting aligns with President Kassym-Jomart Tokayev's vision, as outlined in the "Economic Course of a Fair Kazakhstan" addressed to the people on September 1, 2023. The directive emphasized the creation of a robust regional commodity and raw materials exchange, prompting active efforts by the Ministry of Trade and Integration to align with international exchange standards in national legislation.
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