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    Central Asia Kazakhstan

    Central Asian trade turnover up by $11bn over past five years

    Central Asian trade turnover up by $11bn over past five years

    Over the past five years, the trade turnover among Central Asian countries has increased by $11bn, the Ministry of Trade and Integration of Kazakhstan reported.


    The Second Central Asian Trade Policy Forum commenced in Almaty, marking a step in fostering regional cooperation and economic integration. Organized by the Secretariat of the World Trade Organization (WTO) in collaboration with the Asian Development Bank (ADB), the International Trade Center (WTC), and the Government of Kazakhstan, the forum is slated to run from June 3 to 5, 2024.

    Photo: Second Central Asian Trade Policy Forum opens in Almaty
    Source: Ministry of Trade and Integration of Kazakhstan

     

    Government officials from Kazakhstan, Azerbaijan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan have converged in Almaty, alongside representatives from international organizations and the private sector. The primary objective of the forum is to deliberate on critical facets of the international trade agenda and explore avenues for enhanced cooperation among Central Asian nations.

    Minister of Trade and Integration, Arman Shakkaliyev, stressed the positive momentum in intraregional trade over the past five years. With an $11bn surge in trade turnover, the region demonstrates a robust upward trajectory in economic activity,

    A highlight of the forum is the presence of Ngozi Okonjo Iweala, the Director-General of the World Trade Organization, who delivered insights on the intricacies of WTO accession processes. Her address sets the stage for substantive discussions on trade policy harmonization and alignment with international standards.

    Photo: Minister Shakkaliyev highlights 5-year surge in intraregional trade
    Source: Ministry of Trade and Integration of Kazakhstan

     

    In her inaugural address, Aizhan Bizhanova, First Vice Minister of Trade of Kazakhstan, accentuated the timeliness of the forum, given the immense economic, human, and innovative potential inherent in the Central Asian region. 

    Over the past two decades, the region has witnessed an annual GDP growth rate of 6.2%, surpassing $350bn. Emphasizing the pivotal role of WTO membership in bolstering Kazakhstan's reputation as a reliable trading partner and enhancing the country's investment allure, Bizhanova expressed optimism for swift accession of Central Asian countries into the WTO fold.

    The forum serves as a platform for knowledge exchange, facilitating insights into WTO accession procedures and fostering collaborative efforts to fortify economic integration across Central Asia. Participants are poised to engage in constructive dialogue aimed at harnessing the full potential of regional cooperation and charting a collective path towards sustainable development.

     

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    04.06.2024, 09:30   Comments (0)   1181
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