Kazakhstan’s trade with CAREC countries reaches $22 billion

The volume of trade turnover between Kazakhstan and the countries of the Central Asia Regional Economic Cooperation (CAREC) increased from 17.5 to 22 billion dollars from 2010 to 2015, Vice-Minister of National Economy of Kazakhstan Timur Zhaksylykov has said today during I Forum of the analytical centers of Central Asia.

“The volume of trade turnover between Kazakhstan and the CAREC countries increased from $ 17.5 billion to 22 billion dollars from 2010 to 2015,” Zhaksylykov said, Prime Ministry of Kazakhstan announced.

He said that between 2001 and 2015, 6 joint projects are being implemented in Kazakhstan. At the same time, 23 projects are being implemented in the priority sectors such as energy, transport, trade facilitation.

“Given the geographical location, Kazakhstan plays an important role in strengthening regional cooperation and establishing export logistics corridor,” Deputy Minister said.

He also noted that China is the main trading partner of our country in region. It accounts for over 77% of total trade with CAREC countries.

“It should be noted that since the beginning of the crisis, the dynamics of trade turnover slowed slightly. In light of the current difficult global economic situation, the CAREC countries should strengthen economic cooperation and integration. Strengthening communication, promotion of trade and investment across borders, improving access to foreign markets will help to improve the prospects for the entire region,” the deputy head of the NEM RK said.

However, he stressed that the priority task for Kazakhstan is to develop economy of the country providing diversification of economy and ensuring its competitiveness by developing its own industry, increasing the share of participation in the global market, creating basic infrastructure with the formation of the country logistics hub of the Eurasian continent.

According to the vice-minister, “the achievement of these indicators will play an important role in strengthening regional cooperation and the creation of export logistics corridor”.