Trade turnover between Kazakhstan and TIFA countries increased by 6.3% in 2023, reaching $11.7bn, compared to $11.0bn in 2022, the Ministry of Trade and Integration of Kazakhstan reported.
The 15th meeting of the U.S.-Central Asia Trade and Investment Framework Agreement (TIFA) Board convened on June 14, featuring representatives from Kazakhstan, the United States, Uzbekistan, Kyrgyzstan, Turkmenistan, and Tajikistan. The discussions focused on enhancing trade diversification and expanding investment cooperation among TIFA member nations.
Deputy Prime Minister Serik Zhumangarin led the Kazakh delegation. He emphasized the importance of the TIFA meeting amidst global economic instability, sanctions, trade confrontations, and disruptions in global supply chains. He highlighted the meeting as a practical platform for reassessing priorities on key economic issues.
"As one of the major economies in the region and a WTO member, Kazakhstan sees the high potential of the TIFA platform to strengthen not only bilateral but also regional trade relations. Holding this year's meeting of the TIFA Central Asia Regional Council is further proof of the progressive development of regional cooperation and sustainability, which in turn plays an important role in stabilizing the world economy by connecting the global markets of the West and the East," stated Zhumangarin.
Ambassador Katherine Tai, the U.S. Trade Representative, emphasized the necessity of coordinated efforts to ensure sustainable growth for TIFA economies.
"Central Asia remains a very important economic and strategic partner for the United States. We are also experiencing climate change and facing the consequences of technological and industrial progress. It is necessary to jointly develop traditional supply chains, the stability of which will ensure sustainable economic growth. The US is interested in improving the quality of trade, supplying critical metals for the production of cars and semiconductors," Tai remarked.
The TIFA Council participants also discussed the development of new trade routes to improve supply chain resilience and diversify their economies.
The Trade and Investment Framework Agreement (TIFA) was signed in June 2004 in Washington between the United States, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan.
The agreement aims to expand international trade, attract foreign investment, and establish trade relations between Central Asian countries and Afghanistan, contributing to regional stability and security. The US-Central Asian Trade and Investment Council operates within the framework of TIFA.
Bilateral trade between Kazakhstan and the USA grew by 33% in 2023, surpassing $4bn. For January-April 2024, trade turnover totaled $1.4bn, a 17.3% increase over the same period in 2023 ($1.2bn).
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