Kazakhstan's foreign trade jumps 53% to $160bn

Kazakhstan's foreign trade volume has surged by 53% over the past three years, now reaching $160bn, Akorda reported.

The President of Kazakhstan, Kassym-Jomart Tokayev met with the Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, in Almaty on June 4. The president highlighted Kazakhstan's commitment to expanding cooperation with the WTO, highlighting the importance of multilateral trade systems in the current global economy.

“We are confident that under your leadership, the international multilateral trading system will undergo a profound transformation aimed at eliminating existing trade barriers and creating a level playing field. Your visit to Almaty is extremely important. I would like to take this opportunity to express my gratitude to you for your close cooperation. It was a great responsibility and honor for Kazakhstan to chair the 12th Ministerial Conference, during which WTO members were able to make important decisions on reforming the Organization,” the president stated.

Tokayev also announced a recent decree aimed at liberalizing the economy, emphasizing measures to foster fair competition, safeguard entrepreneurial freedom, and reduce government intervention in the economy.

Ngozi Okonjo-Iweala commended Kazakhstan for its pivotal role during the 12th WTO Ministerial Conference, recognizing the country's efforts in facilitating crucial decisions in the sphere of international trade.

The meeting also highlighted the importance of the ongoing Central Asian Trade Policy Forum in Almaty. The forum aims to enhance regional economic cooperation and integrate Central Asian countries into the multilateral trading system.

In a concluding gesture of appreciation, the president awarded Ngozi Okonjo-Iweala the Order of Dostyk, II degree, acknowledging her contributions to strengthening the multilateral trading system and the global stature of the WTO.

Kazakhstan's accession to the WTO on November 30, 2015, marked a pivotal moment in its journey towards global economic integration. By joining the WTO, Kazakhstan committed to liberalizing trade, abiding by international trade regulations, and enhancing transparency in its trade policies. This move not only unlocked avenues for greater foreign investment and broader access to global markets but also facilitated the adoption of international trade standards and best practices. 

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