International trade - The Times Of Central Asia

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Kyrgyzstan and EU Sign Enhanced Partnership and Cooperation Agreement

On June 25, President of the Kyrgyz Republic Sadyr Japarov met the President of the European Council Charles Michel in Brussels to discuss issues on Kyrgyzstan-EU interaction. Views were exchanged on prospects for trade and economic cooperation and the implementation of joint projects in energy, transport, rare metals, agriculture, and environmentally- friendly technologies Following the meeting, an Enhanced Partnership and Cooperation Agreement (EPCA) between the European Union and the Kyrgyz Republic was signed by the Minister of Foreign Affairs of the Kyrgyz Republic Jeenbek Kulubaev, High Representative of the European Union for Foreign Affairs and Security Policy/Vice-President of the European Commission Josep Borrell, and Executive Vice-President of the European Commission and Commissioner for Trade Valdis Dombrovskis. The new document replaces the Partnership and Cooperation Agreement (PCA) signed back in 1999. As reported by the Delegation of the European Union to the Kyrgyz Republic, the Agreement provides new legal grounds for reinforced political dialogue and deepening cooperation in areas such as trade and investment, sustainable development and connectivity, research and innovation, education, environment, and climate change, as well as rule of law, human rights, and civil society. It will also strengthen cooperation in foreign and security policy, including issues of conflict prevention and crisis management, risk reduction, cybersecurity, regional stability, disarmament, non-proliferation, arms and export control. In addition, the EPCA will create new opportunities for cooperation in critical raw materials, essential for green and digital transitions. High Representative of the European Union for Foreign Affairs and Security Policy/Vice-President of the European Commission Josep Borrell commented: “We are happy to count the Kyrgyz Republic amongst our close partners. The Enhanced Partnership and Cooperation Agreement demonstrates our steadfast commitment to strengthening and deepening our bilateral relations based on shared values and common interests in all areas of mutual benefit, reflecting new geopolitical and economic realities. We will continue working with Kyrgyzstan on further strengthening the protection of human rights and fundamental freedoms and promote cooperation with civil society which are essential pillars of an open democratic society.” Welcoming the initiative, Executive Vice-President and Commissioner for Trade Valdis Dombrovskis, announced: “This Enhanced Partnership and Cooperation Agreement marks a new chapter in the EU’s economic and trade relations with Kyrgyzstan. We have included an ambitious Trade and Sustainable Development Chapter that aims to promote fair and open competition, while also benefiting Kyrgyz consumers and SMEs. Through this Agreement, we are helping to create more opportunities for EU and Kyrgyz businesses and investors by facilitating trade flows and enhancing cooperation. We believe this partnership will contribute to the prosperity of our regions by generating new and better jobs and boosting economic development and resilience.” Since 2016, the Kyrgyz Republic has benefitted from unilateral and preferential access to the EU market through the Special Incentive Arrangement for Sustainable Development (GSP+) of the EU Generalised Scheme of Preferences. Kyrgyzstan is the EU’s third largest trading partner in Central Asia. GSP+ has contributed to an increase in EU-Kyrgyzstan trade in goods in 2023 by 116% (over 2022) reaching EUR 2.845 billion.

Iran EEU International trade

Iran Seeks Observer Status in EEU

A note of Iran’s request to obtain observer state status in the Eurasian Economic Union (EEU) was submitted to the Eurasian Economic Commission, the EEU’s governing body, on May 27. The EEU is an economic integration bloc uniting Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. According Kazakhstan’s Ministry of Trade and Integration, the economic feasibility of granting such status to Iran is currently being analysed by heads of the EEU member states and following results, consultations will be held with representatives from the republic. In 2018, the EEU and Iran signed a temporary agreement leading to the formation of a free trade zone between the two parties. More recently, on December 25, 2023, EEU heads of state signed a Free Trade Agreement between the EEU and its member states, and also, with the Islamic Republic of Iran. The agreement provides for duty-free trade for about 90% of commodities, which accounts for more than 95% of mutual trade between the parties. Kazakhstan’s Ministry of Trade and Integration emphasized the great potential of furthering trade between Kazakhstan and Iran. Mutual trade amounted to $302 million last year and in December, an Action Plan was signed between Kazakhstan and Iran to increase trade turnover to $3 billion.

International trade Bilateral Cooperation Export International investment

Kazakhstan and U.S. Focus on Strengthening Trade and Investment Cooperation

On 14 June, in Astana, Minister of Trade of Kazakhstan Arman Shakkaliev met U.S. Trade Representative Katherine Tai to discuss key areas of cooperation between the two countries. As reported by the Kazakh Ministry of Trade and Integration, the USA is among Kazakhstan’s ten largest trading partners. With bilateral trade turnover demonstrating a steady growth, Kazakhstan is ready to increase non-resource exports of 90 commodities worth over $770 million to the U.S. During the meeting, Kazakhstan's trade minister mooted cancelling the Jackson-Vanik amendment, which restricts trade relations between the two countries, and expressed hope for an imminent decision by the U.S. Congress on the issue. “We count on the soonest positive outcome of the work on the cancellation of the Jackson-Vanik amendment, which will give a new impetus to the development of trade and economic relations between our countries,” said Shakkaliev. He also noted the important role of the Generalized System of Preferences (GSP) of the United States in strengthening bilateral trade and economic relations. For its part, Kazakhstan is ready to undertake necessary work to resume the application of the USA GSP. Trade Representative Katherine Tai spoke optimistically on the development of trade relations and strengthening economic ties between the United States and Kazakhstan. After remarking that the extension of the USA GSP program will be considered by the US Congress next year, she confirmed her readiness to assist Kazakhstan in this matter.

Industry Economic Growth International Cooperation International trade

U.S. and Central Asia Further Trade, Economic and Investment Cooperation

The 15th meeting of the U.S.-Central Asia Trade and Investment Framework Agreement (TIFA) Council was held in Astana on 13 June. TIFA was signed in Washington in June 2004 by the United States, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan to expand international trade, attract foreign investment, and establish trade relations between Central Asian countries and Afghanistan. The US-Central Asian Trade and Investment Council was established within its framework. Reporting from Astana, the Kazakh Ministry of Trade and Integration, said that the agenda had covered prospects for diversifying trade and expanding investment cooperation. Representatives of the six countries also discussed the development of new trade routes to improve supply chain resilience and diversify the economy. During the event, Kazakh Deputy Prime Minister Serik Zhumangarin remarked, “As one of the major economies in the region and a WTO member, Kazakhstan recognizes the high potential offered by TIFA to strengthen not only bilateral but also regional trade relations. This year's meeting of the TIFA Central Asia Regional Council is further proof of the progressive development of regional cooperation and sustainability, which in turn, plays an important role in stabilizing world economy by connecting the global markets of both the West and the East.” U.S. Trade Representative Katherine Tai, emphasizing the need to coordinate joint efforts to ensure sustainable growth of TIFA economies, stated: “Central Asia remains a very important economic and strategic partner for the United States. We are also experiencing climate change and facing the consequences of technological and industrial progress. It is necessary to jointly develop traditional supply chains, the stability of which will ensure sustainable economic growth. The US is interested in improving the quality of trade, supplying critical metals for the production of cars and semiconductors.”

International trade SPECA International Cooperation Transport and Logistics Trans-Caspian Corridor

SPECA Countries’ Digitalization of Multimodal Data Exchange along Trans-Caspian Transport Corridor

An international seminar on “Trade Facilitation and Digital Transformation of Multimodal Data and Document Exchange along the Trans-Caspian Corridor” was held in Aktau, Kazakhstan on June 11-12. Participants included the Ministry of Trade and Integration of Kazakhstan, the United Nations Economic Commission for Europe (UNECE), the International Association “Trans-Caspian International Transport Route” (TCITR), and partners including the German Society for International Cooperation (GIZ) and the Permanent Secretariat of the Intergovernmental Commission of the Transport Corridor Europe-Caucasus-Central Asia. The seminar followed the adoption of the SPECA Roadmap for Digitalization of Multimodal Exchange of Data and Documents along the Trans-Caspian Transport Corridor, using UN legal instruments and standards, at the Presidential Summit of participating States of the United Nations Special Programme for the Economies of Central Asia (SPECA), back in November 2023, The workshop in Aktau, which brought together experts in trade, transport, and digitalization from fifteen countries, focused on the digitalization of multimodal exchange of data and documents along the Trans-Caspian Transport Corridor, particularly in the ports of Baku (Azerbaijan), Aktau (Kazakhstan), and Turkmenbashi (Turkmenistan). During the event, reports were given on the implementation of UN standards for digitalization of international supply chains, port community systems, interoperability, and multimodal data exchange. A visit to Kuryk, organized by the Kazakh side, included a presentation of the port’s digitized system as well as ongoing work on transhipment and storage of cargo. The United Nations Special Program for the Economies of Central Asia (SPECA) was launched in 1998 to strengthen sub-regional cooperation in Central Asia and its integration into the world economy. SPECA countries include Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Kazakhstan's trade turnover with SPECA countries in 2023 amounted to $9 billion.

Investments US Export/Import Economy International trade

U.S. Trade Representative Katherine Tay Visits Uzbekistan

On June 11, President of Uzbekistan, Shavkat Mirziyoyev received U.S. Trade Representative Katherine Tay. According to the president's press service, discussions focused on strengthening bilateral trade cooperation, during which it was noted that business relations have become more active alongside a steady growth in mutual trade and investment. Cooperation with Air Products, Coca-Cola, Citibank, Visa, and many other leading companies and banks in the USA is currently under development. The agenda addressed issues related to Uzbekistan's membership in the World Trade Organization, the restoration of the GSP system, the “C5+1” format, and deepening practical cooperation within the Agreement on Trade and Investments framework, and the importance of a joint platform for identifying new areas for industrial cooperation and promoting relevant projects was noted. During her visit, Katherine Tay also met Uzbekistan's Presidential Assistant, Saida Mirziyoyeva. Reporting on their dialogue, the Telegram channel wrote that the purpose of Uzbekistan's economic reforms was outlined, with particular emphasis on benefits afforded to the well-being of its people. Welcoming the dialogue, Mirziyoyeva said, “We intend to become a full-fledged participant of the international trade system, and rely on the support of the United States to accelerate the process of Uzbekistan becoming a member of the WTO."