Kazakhstan’s trade with CAREC countries reaches $22 billion

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ASTANA (TCA) — The trade turnover between Kazakhstan and the countries of the Central Asia Regional Economic Cooperation (CAREC) grew from $17.5 billion to $22 billion between 2010 and 2015, Deputy Minister of National Economy of Kazakhstan Timur Zhaksylykov said on June 20 at the first Forum of analytical centers of Central Asia, the official website of the Prime Minister of Kazakhstan reported.   

“Due to its geographical location, Kazakhstan plays an important role in strengthening regional cooperation and establishing export and logistics corridors,” the Deputy Minister said.

He also said that China is the main trading partner of Kazakhstan in the region. It accounts for more than 77 percent of total trade with CAREC countries.

“Since the beginning of the crisis, the dynamics of trade has slowed slightly. In light of the current difficult global economic situation, the CAREC countries should strengthen their economic cooperation and integration. Strengthening communication, promotion of trade and investment across borders, improving access to foreign markets will help improve the prospects for the entire region,” the Deputy Minister said.

However, he stressed that the priority task for Kazakhstan is to develop the economy of the country providing diversification of the 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’s logistics hub of the Eurasian continent.

Sergey Kwan

TCA