EU Trade - The Times Of Central Asia

Viewing results 1 - 6 of 4

EU Trade

Kazakhstan Invites EU Community to Expand Participation in Joint Projects

Further steps to strengthen trade and economic relations between Kazakhstan and the European Union were discussed by the Prime Minister of Kazakhstan, Alikhan Smailov, and the Vice-President of the European Commission, Margaritis Schinas on January 15th in Astana. The parties focused on issues of increasing trade turnover, attracting investment, strengthening cooperation in the transport and logistics sector, easing the visa regime, and increasing industrial cooperation, Smailov’s press service reported. The Prime Minister stressed that strengthening relations with the EU is of particular importance for Kazakhstan, with the new Enhanced Partnership and Cooperation Agreement and the new EU Strategy for Central Asia playing a significant role in the bilateral relationship. As Smailov noted, the EU is one of the largest trade and investment partners of Kazakhstan, accounting for roughly 30% of the country’s foreign trade and 40% of investment attracted. Trade turnover over eleven months of last year increased by almost 5%, reaching around $38 billion. In 2022, investment from the EU in Kazakhstan amounted to $12.5 billion, a record high. “Today there are almost 6,000 joint ventures [with European partners] operating in Kazakhstan, 130 of which appeared in the past year. This highlights the sustainability and attractiveness of our economy for European partners. We call on the European investment community to expand their participation in joint projects,” Smailov stated. The Prime Minister added that an important area of cooperation is the transit and transport sector. Today, about 85% of goods coming from China to Europe are transported through Kazakhstan. Last year, the volume of cargo shipped along the Trans-Caspian corridor increased by 65%. In the medium term, cargo traffic is expected to increase to 10 million tons. The Vice-President of the European Commission stated that Kazakhstan is an important partner for the EU. “We know that you are undergoing major modernization processes. On behalf of the European Union, I would like to note the importance of the reforms initiated by President Kassym-Jomart Tokayev, which make Kazakhstan a very significant player in the Central Asian region,” said Schinas.

EU Trade

Europe-Uzbekistan Association for Economic Cooperation Launched in Tashkent

The Tashkent based Europe-Uzbekistan Association for Economic Cooperation (EUROUZ) was officially launched on December 5th. Speaking at the inauguration event, Charlotte Adriaen, the EU Ambassador to Uzbekistan, said that the EU has been supporting the establishment of a Europe-Uzbekistan business association for years. “We believe that the inclusion of EUROUZ in the worldwide European Business Organizations network will encourage more business exchanges between Europe and Uzbekistan, and in turn strengthen our partnership,” Adriaen said, noting that the EU supports the ambitious path of reforms Uzbekistan has embarked on, and will continue to assist the country with all tools, one of which is GSP+ (the EU's Generalised Scheme of Preferences). The ambassador also presented areas of opportunity for Uzbekistan’s exporters to improve their access to the EU market. “As we anticipate growth in the production of machinery, automotive, hi-tech goods and medical equipment, the demand will increase for various electronic sub-components and metal parts,” she said. “Moreover, as both the EU and Uzbekistan are transitioning to a greener economy, there is another sector of opportunity that could further boost exports from Uzbekistan to the EU, including supplies of critical raw materials.” The EU ambassador added that 2024 will be a year marked by high-level visits, including the first ever EU-Central Asia Summit, which is planned to be hosted in Uzbekistan.

EU Trade

Window to Europe for Uzbekistan to Remain Open Until December 2027

The European Union has decided to extend the validity of the General System of Preferences Plus (GSP+) for beneficiary countries, including Uzbekistan, for the next four years until December 31st 2027. This decision gives serious impetus to the development of Uzbekistan's private sector, providing easier access to the European market, stimulating closer cooperation between European and Uzbek companies, and leading to significant savings at borders. As a result of the measures taken to strengthen trade relations with the EU and expand the global geography of Uzbekistan's exports by the end of 2022, 628 enterprises (an increase of 116 on the corresponding period in 2021) were exporting local products to European markets in the amount of U$647-million. This is more than double the $292-million figure recorded in 2020. In particular, within the framework of the GSP+ textile industry products worth $177.4-million were exported to the EU markets (an increase of 126.4% compared to 2021), agriculture and food industry products totaled $19.7-million (a 103% increase), the electrical industry recorded $9-million (a 117% increase), whilst the chemical industry totaled $138.3-million (a 4.7-times expansion). In 2022, thanks to GSP+, Uzbek exporters saved $30.65-million in duties, thus signaling a major contribution by the EU to the development of the private sector in Uzbekistan. Over the period from 2019 to 2022, EU investment in the private sector in Uzbekistan has grown more than tenfold.

EU Trade

Kazakhstan Increases Oil Supplies to Germany via Russia by 54% in November

Kazakhstan Increases Oil Supplies to Germany via Russia by 54% in November The volume of transportation of Kazakh oil through the system of trunk oil pipelines of Russia’s Transneft PJSC in the direction of the Adamova Zastava oil delivery point in Russia for further delivery to Germany will increase from the planned 100,000 tons to 154,000 tons, the director of the transportation department of KazTransOil JSC, Abai Beisembayev said on November 30th. KazTransOil JSC is the national operator of the main oil pipeline in Kazakhstan. “Despite difficult meteorological conditions in the Black Sea, KazTransOil JSC fully fulfills its obligations to shippers”, Beisembayev said. “There are no restrictions on the part of Transneft PJSC today. Due to the limitations of oil transportation through the system of the Caspian Pipeline Consortium JSC, a number of shippers who would like to pump oil through our system have applied to KazTransOil JSC. Operational work was carried out with Transneft PJSC on additional pumping of the resources of Karachaganak Petroleum Operating B.V. In November, it was planned to deliver 100,000 tons of oil to Germany, but by the end of the month, the volume of transportation of Kazakh oil through the system of trunk oil pipelines of Transneft PJSC in the direction of the Adamova Zastava oil delivery point for further delivery to Germany will amount to 154,000 tons”. KazTransOil JSC confirmed its technical capability to supply 1.2 million tons of Kazakh oil a year towards the Adamova Zastava oil delivery point for further transportation to Germany, but the actual volume depends on requests from oil companies.