Foreign trade turnover - The Times Of Central Asia

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Turkmenistan and Turkey Aim to Double Trade Turnover

Turkmenistan and Turkey have announced plans to double their annual trade turnover from $2.5 billion to $5 billion in the coming years. Turkish Trade Minister Ömer Bolat shared the goal during an exhibition in Ashgabat, where more than 70 Turkish companies were represented. He emphasized that the current trade volume is insufficient and that achieving this milestone would significantly strengthen economic ties between the two nations. Roadmap for Economic Cooperation A key step toward this goal will be the 8th meeting of the intergovernmental commission, scheduled for February or March next year in Ankara. According to Bolat, the meeting will approve a new roadmap for trade and economic cooperation. “We will develop our cooperation in various fields, following the vision of the leaders of our brotherly countries,” Bolat stated, highlighting the deep cultural and historical ties between Turkey and Turkmenistan. Priority Sectors The partnership will focus on several priority areas: • Energy: Discussions are underway to facilitate the transportation of Turkmen natural gas to Europe, which could lead to strategically important agreements. • Chemical Industry: Both countries aim to collaborate on projects that enhance the sector's development. • Trade Facilitation: Improvements in customs procedures and visa regime simplifications are expected to ease business interactions for citizens of both nations. Bolat also underscored the importance of Turkish construction projects in Turkmenistan, as well as the role of the Middle Corridor in boosting trade opportunities by improving goods transportation. Strengthening Economic Ties Turkey and Turkmenistan already maintain robust economic relations, with Turkey ranking as one of Turkmenistan’s leading trade partners. More than 600 Turkish companies operate in sectors such as trade, investment, construction, energy, transportation, communications, textiles, and processing industries. This strategic collaboration reflects shared cultural and historical roots, with both countries committed to furthering economic cooperation across various fields. The ambitious $5 billion trade goal demonstrates a mutual effort to deepen ties and expand opportunities in the region.

Mongolia Bilateral Relations International Cooperation Foreign trade turnover Foreign Policy International Diplomacy

Diplomatic Renaissance: How Tokayev’s Visit to Mongolia Went

The recent state visit by Kassym-Jomart Tokayev to Mongolia, the first by a Kazakh president in 16 years, demonstrated an excellent approach to expanding Astana's strategic ties. After all, despite 32 years of diplomatic relations and a relatively extensive Kazakh diaspora in Mongolia, under the first president of Kazakhstan, Nursultan Nazarbayev, Astana's ties with Ulaanbaatar were essentially put on hold. This pause in relations likely arose due to Mongolia's political reputation in the region. Protests often erupt in the country, sometimes becoming particularly violent. In 2008, when the Kazakh authorities justified their failures in the economy with the outbreak of the global economic crisis, a state of emergency was imposed in Mongolia for four days in July. The reason was violent opposition protests against the results of the parliamentary elections. Protesters smashed the headquarters of the ruling party and set fire to several buildings in the center of Ulaanbaatar, killing five people and injuring 300. For Mongolia, with its population of 3.4 million, this was a significant shock, as it was for its neighbors in the Eurasian region, where three leaders fell between 2003 and 2005 -- Eduard Shevardnadze in Georgia, Leonid Kuchma in Ukraine, and Askar Akayev in Kyrgyzstan. All this was declared in the region as an “export of revolutions,” building around this notion, a conspiracy theory about the machinations of the U.S. State Department and George Soros. Tokayev's state visit to Mongolia 16 years after Nursultan Nazarbayev refers to the Kazakh leader's key idea about the renaissance of Central Asia. Mongolia is no stranger to the region in one way or another. The main thing for Kazakhstan is the strong Kazakh diaspora, which exceeds 117,000 people. This is the largest national minority in Mongolia and the second largest ethnic group after the titular one. A Kazakh newspaper is published in Mongolia, some Kazakh TV channels are shown on television, and there is an hour of radio news in Kazakh. In short, the basis for strengthening relations is powerful. Tokayev and the president of Mongolia, Ukhnaagiin Khurelsukh, who received him, spoke in both narrow and extended formats about reaching the level of strategic partnership. Tokayev and Khurelsukh, even before the one-on-one meeting, had revitalized diplomatic and trade ties between Kazakhstan and Mongolia. Data from the Statistics Committee of the Ministry of National Economy of Kazakhstan provides evidence. Since 2017, there has been a steady decline in trade turnover between the countries. In 2017, its level was $74.8 million; in 2018 - $67.4 million; in 2019 - $59.9 million. In 2020, it fell to $29.3 million. COVID restrictions can explain such a sharp drop. In 2021, the turnover reached almost $61 million, but at the end of 2023, the trade volume jumped to $150 million. Therefore, when Tokayev said at a joint press briefing that he and the Mongolian president had agreed to turn over $500 million in the “foreseeable future,” this did not seem overly optimistic. The Kazakh delegation did not come empty-handed; during Tokayev's visit, the parties...

Bilateral Trade Afghanistan Export/Import Bilateral Cooperation International trade Foreign trade turnover Trade and Logistics

Kazakhstan and Afghanistan Seek to Increase Trade to $3 Billion

On October 22, Kazakhstan’s Deputy Prime Minister Serik Zhumangarin and Afghanistan’s Minister of Industry and Commerce, Nuriddin Azizi, signed a roadmap to increase Kazakh-Afghan trade turnover to $3 billion at a business forum in Almaty. This follows Kazakhstan’s removal of the Taliban from its list of terrorist organizations in June as part of an effort to develop trade and economic ties with Afghanistan. The roadmap includes Kazakhstan’s participation in constructing two railway lines in Afghanistan: Turgundi—Herat—Kandahar—Spin Boldak and Mazar-i-Sharif—Harlachi. It also aims to expand the range of goods in bilateral trade, develop cooperation in the chemical industry, and increase the export of Kazakh ammophos materials to Afghanistan. Additionally, the roadmap includes plans to export both new and used cars manufactured in Kazakhstan, set up service centers in Afghanistan, and build schools in the region. According to Kazakh officials, there is significant potential to increase grain and flour exports to Afghanistan while importing Afghan fruits, vegetables, dried fruits, and other food products. Kazakhstan is also interested in supporting Afghanistan’s economic development and integration into international transport corridors. In the first half of 2024, the volume of road transit from Afghanistan through Kazakhstan increased by 8%, exceeding 5,000 tons, compared to 10,000 tons last year. Deputy Prime Minister Zhumangarin noted at the forum that a railway corridor connects Kazakhstan and Afghanistan through Turkmenistan and Uzbekistan. Kazakhstan is also interested in using the Trans-Afghan corridor, which runs through the Karachi and Gwadar seaports in Pakistan, to facilitate the transit of Kazakh export cargo to markets in the Middle East and Southeast Asia. The Afghan delegation was offered access to the dry port of Khorgos on the Kazakh-Chinese border to ensure the smooth transit of Afghan goods to China via Kazakhstan. The business forum in Almaty coincided with Kazakh-Afghan negotiations on the logistics of transporting goods from China to Afghanistan and back through Kazakhstan. The event also featured an exhibition of Afghan food and industrial products.

Russia Bilateral Relations Economic Cooperation Foreign trade turnover Economy

Kyrgyzstan and Russia Set to Expand Cooperation

On October 21, in Moscow, Akylbek Japarov, the Chairman of Kyrgyzstan's Cabinet of Ministers, and Mikhail Mishustin, the Chairman of the Russian Government, chaired a joint meeting of the governments of both countries. Japarov's visit was planned to coincide with the centenary of the formation of the Kara-Kyrgyz Autonomous Region, and also with the beginning of the Days of Culture of Kyrgyzstan in Russia. “The establishment of the Kara-Kyrgyz Autonomous Region in 1924 as part of the Russian Soviet Federative Socialist Republic, followed by the formation of the Kyrgyz Autonomous Soviet Socialist Republic in 1926 and later the Kyrgyz Soviet Socialist Republic in 1936, was of colossal importance for our people, becoming the foundation of the sovereign Kyrgyz Republic. The friendship between the Kyrgyz and Russian peoples has been forged over the centuries, has gone through difficult times, but has given many examples of devotion and loyalty,” Japarov said. Noting that Kyrgyz-Russian relations have elevated to the status of "deepened relations" of alliance and strategic partnership, Japarov stated: "We are very pleased that Russian private businesses and investors have paid attention to Kyrgyzstan's possibilities and have intensified their work. We are always open to Russian investments and are ready to provide maximum assistance in implementing investment proposals." Mishustin in turn expressed Russia’s interest in further developing bilateral cooperation in all areas. "During the first eight months of this year, [Kyrgyz-Russian] trade turnover has grown by 16 percent. The share of the ruble in mutual settlements has reached almost 90 percent. We want to maintain this trend to ensure stable and predictable conditions for doing business," Mishustin said.

Economic Cooperation International trade statistics Foreign trade turnover Economy Export/Import

Drop in Uzbekistan’s Exports to Central Asia

Local media has reported that from January - August, Uzbekistan's exports to its four neighboring countries decreased, compared to the same period in 2023. According to data from the Statistical Agency data, exports to Kazakhstan dropped from 950 million USD to 872 million USD; to Kyrgyzstan, from 491 million USD to 365 million USD; to Tajikistan, from 389 million USD to 329 million USD, and to Turkmenistan, from 118 million USD to 78 million USD. The share of Central Asian countries in Uzbekistan's total foreign trade turnover (FTT) in the first nine months of 2023 was 11.5%. The total FTT was worth 40 billion 45 million USD, of which 4 billion 574.3 million USD were with Central Asian countries. This year, it has decreased to 10.3%, meaning 4 billion 400.6 million USD of FTT of 42 billion 703.3 million USD are with CA countries. The Ministry of Investments, Industry, and Trade attributed the drop to an increase Uzbekistan's exports to international markets with high purchasing power, especially Europe, Arab countries, Southeast Asia, and the Americas, and explained, " due to diversification, the volume of exports to neighboring countries, which are considered a traditional market, decreased. In particular, the volume of exports to Kazakhstan decreased by 8.3%, to Kyrgyzstan by 25.6%, to Tajikistan by 15.3%, and to Turkmenistan by 36.2%."

Finance Banking China International Finance Corporation Foreign trade turnover

Kyrgyzstan Expands Banking Cooperation with China

The Chairman of the People's Bank of China, Zhang Qingsong, has met with the heads of key ministries in Kyrgyzstan. The parties discussed connecting the National Bank of the Kyrgyz Republic to the Chinese cross-border interbank payment system. Kyrgyzstan's Minister of Finance Almaz Baketaev emphasized the country's interest in using the Chinese payment system and in cooperating with the Bank of China. Currently, only two Kyrgyz commercial banks have correspondent relations with the organization. In addition, the Kyrgyz authorities offered Chinese colleagues the opportunity to invest in securities in Kyrgyzstan, which are placed on the local stock exchange. For this purpose, the country is ready to realize the issue of securities in yuan, but only with guarantees from China. “The Kyrgyz side raised questions about providing guarantees from Chinese financial institutions for the successful placement of securities, as well as the conclusion of an agreement on mutual settlements between the National Bank of the Kyrgyz Republic and the People's Bank of China,” the Ministry of Finance said. According to the National Statistical Committee of Kyrgyzstan, trade turnover between the two countries amounted to about $11 billion for the first six months of 2024, increasing by 40% over last year. At the end of 2023, the figure reached $20 billion.