The volume of bilateral trade turnover between Kazakhstan and Russia has grown by nearly 3%, reaching $27.8bn over the past year, according to the official information resource of the Prime Minister of Kazakhstan.
During an official visit to the Russian Federation, Kazakhstan’s Prime Minister Olzhas Bektenov held talks with Mikhail Mishustin, Chairman of the Russian Government.
The discussions centered on advancing the practical implementation of agreements reached between the two countries' heads of state, with a focus on increasing mutual trade turnover to $30bn.
Business entities from both countries are actively involved in 171 joint projects, which have contributed to the creation of approximately 45,400 jobs.
Key areas of cooperation were explored, including transit and transport, agriculture, environmental protection, energy, gas, space, and cultural exchanges. Notably, trade in the agro-industrial sector saw a 4.5% growth, totaling $3.8bn, following the lifting of mutual trade restrictions.
In transit and transport, freight flow along the Eastern branch of the international North-South corridor increased to 2.4mn tons over the past year. Both leaders highlighted the importance of maintaining the positive trade momentum and emphasized the continued role of the Intergovernmental Commission on Cooperation in resolving bilateral issues and enhancing trade relations.
The talks concluded with a reaffirmation of both countries' commitment to strengthening their mutually beneficial trade and economic partnership.
In 2024, trade between Russia and Kazakhstan reached KZT 12.7 trillion ($25.5bn). By November 2024, this figure had risen to $24.2bn, with both countries working towards a target of $30bn. Meanwhile, agricultural trade has seen a positive upward trend, with a 5% growth in turnover over the first 10 months of 2024, totaling more than $3.2bn.
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