Mutual trade - The Times Of Central Asia

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Organization of Turkic States

Turkic States Set to Expand Mutual Trade and Strengthen Economic Integration

The 14th meeting of ministers responsible for economy and trade of the Organization of Turkic States (OTS) was held on February 20 in Turkistan, Kazakhstan. The gathering brought together ministerial delegations from member states to advance economic cooperation, deepen trade ties, and promote sustainable and inclusive growth across the Turkic region. Founded in 2009 to foster comprehensive cooperation among Turkic-speaking nations, the OTS includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan as full members. Turkmenistan, Hungary, and Northern Cyprus participate as observers. According to the OTS Secretariat, the Turkic region recorded an average economic growth rate of 6.86% in 2025, more than double the global average. Despite this performance, OTS Secretary General Kubanychbek Omuraliev called for intensified efforts to expand intra-regional trade. Omuraliev highlighted ongoing negotiations on the Agreement on Services and Investment Facilitation, describing it as a decisive step toward deeper economic integration. He also pointed to strengthened institutional mechanisms, including the Council of Central (National) Banks of the OTS, the Turkic Green Finance Council, enhanced cooperation among Financial Intelligence Units and Competition Authorities, and closer coordination between the Turkic Investment Fund and the Union of Turkic Chambers of Commerce and Industry (TCCI). Delegations discussed practical measures to increase intra-OTS trade, improve the investment climate, and enhance regional connectivity. Participants emphasized the need for coordinated policies to reduce trade barriers, support small and medium-sized enterprises, and facilitate cross-border commerce. Kazakhstan’s Deputy Minister of National Economy, Asan Darbayev, underscored the symbolism of holding the meeting in Turkistan, a historic spiritual center of the Turkic world and a key node of the ancient Silk Road. He noted that the OTS is steadily evolving from a dialogue platform into a mechanism for practical cooperation, building new value chains and expanding trade links. In 2025, mutual trade among OTS member states exceeded $11.9 billion. Kazakhstan’s largest trade volumes were with Turkey ($4.9 billion), Uzbekistan ($4.3 billion), Kyrgyzstan (nearly $2 billion), and Azerbaijan ($425 million). Investment ties are also strengthening. Between 2005 and 2025, foreign direct investment from OTS countries into Kazakhstan surpassed $6.3 billion. Over the same period, Kazakh investments in OTS economies reached $5 billion, including more than $1.3 billion in 2025 alone. The meeting concluded with the signing of a Memorandum of Understanding on Partnership in Trade and the adoption of a Roadmap for Cooperation in Economy, Trade, Investment, and Finance. As previously reported by The Times of Central Asia, in December 2025 the Board of Governors of the Turkic Investment Fund announced that the fund would begin operations in the first quarter of 2026. Headquartered in Istanbul, the Turkic Investment Fund is the first joint financial institution established by OTS member states. Its mandate is to promote economic cooperation, boost intra-regional trade, and finance major joint initiatives aimed at strengthening long-term regional integration.

International Cooperation

Kazakh-German Business Council Meets to Expand Economic Cooperation

The 15th meeting of the Kazakh-German Business Council for Strategic Cooperation, co-chaired by First Deputy Prime Minister of Kazakhstan Roman Sklyar and Director of the Eastern Committee of the German Economy Michael Harms, was held in Berlin on August 28. The meeting gathered Kazakh government and business representatives and heads of leading German companies such as Siemens, Svevind Energy, CT Agro, CLAAS KGaA, Flight Design General Aviation, Deutsche Bahn, KfW Banken Gruppe, and Deutsche Bank. The co-chairs emphasized that the event was taking place ahead of Federal Chancellor of Germany Olaf Scholz's visit to Kazakhstan in September. The meeting focused on expanding Kazakh-German trade and economic cooperation, attracting investments, and implementing joint projects in the agro-industrial sector and processing industry. It was noted that Germany is Kazakhstan's largest trading partner in the European Union, and that Kazakhstan is among Germany's top 50 foreign trade partners. The lion's share of German investments in Kazakhstan go to the country’s non-raw materials sector — the processing industry, chemical industry, production of building materials, transport, and agro-industrial sector. Speaking on the sidelines of the event, Kazakhstan Deputy Minister of Foreign Affairs Alibek Kuantyrov urged further to intensify cooperation between the Kazakh and German business communities. Noting the critical role of German companies in Kazakhstan’s industrialization, Kuantyrov stated that German companies are implementing 66 projects in Kazakhstan for a total of $54 billion, creating about 15,000 jobs. Kuantyrov added that since 2005, German companies have invested about $7.8 billion in Kazakhstan’s economy, with a significant increase in the past year, reaching $770 million. He expressed confidence that the upcoming visit of Scholz to Kazakhstan will bring bilateral relations to a new level and give an additional impetus to strengthening existing and creating new economic ties. Kuantyrov emphasized the significance of cooperation in the context of the Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor. He noted that cargo traffic through the Middle Corridor to Germany and the EU has increased almost threefold since the beginning of 2022 — to 1.5 million tons and 2.6 million tons, respectively, during the first seven months of this year, adding that the potential of TITR is estimated at 10 million tons of cargo a year. In this regard, Kuantyrov invited German partners to participate in developing Kazakhstan’s Caspian Sea ports of Aktau and Kuryk.

International Relations

Uzbekistan and Azerbaijan Seal Lucrative Deals

On August 22, at the invitation of Shavkat Mirziyoyev, President of Azerbaijan, Ilham Aliyev, arrived in Uzbekistan on a state visit. The event, covered by the presidential text service, included a report on a meeting between the presidents, and the first sitting of the Interstate Supreme Council on August 23, at which Mirziyoyev announced: “Today, we will sign the Treaty on Union Relations. For several years, we have raised Uzbekistan-Azerbaijan relations to the highest level of interstate cooperation." The Uzbek president then referred to the 30th anniversary of diplomatic relations between Uzbekistan and Azerbaijan, to be celebrated next year and in turn, Mirziyoyev proposed commemorating the date and declaring 2025, 'Year of Economic Cooperation between Uzbekistan and Azerbaijan'. As a result of the meeting, an agreement was made to adopt a comprehensive program covering 20 prioritized sectors. Cooperation on a portfolio of projects, worth over 2 billion dollars, in energy, chemistry, mining, textile, agriculture, urban development, and other areas was established, and agreement met on increasing the number of air flights, easing surface and air transport procedures, and digital solutions. Mirziyoyev proposed establishing a mechanism for regular meetings between rectors of the two countries' leading universities and holding a joint media forum. Prospects of building tourism and business complexes in the capitals were also discussed to increase the flow of tourists, humanitarians, and business exchanges. In addition, the presidents signed an Agreement on Union Relations, adopted at the first meeting of the Interstate Supreme Council. The meeting closed with a ceremonial signing of bilateral documents comprising: ¾ Intergovernmental agreement on labor activity and protection of citizens’ rights; ¾ Practical action plan for further expansion of trade, economic, and investment cooperation; ¾ Memorandum on cooperation in the fields of preschool education, vocational education, secondary special education, higher education, and science; ¾ Action plan in the field of tourism for 2024-2026; ¾ Cooperation program for 2024-2026 between the Ministry of Justice of Uzbekistan and the State Agency for Citizen Services and Social Innovation under the President of Azerbaijan; ¾ Memorandum on cooperation between the Center for Professional Development of Lawyers under the Ministry of Justice of Uzbekistan and the Academy of Justice of the Ministry of Justice of Azerbaijan; ¾ Agreement on cooperation between the National Guard of Uzbekistan and the Ministry of Internal Affairs of Azerbaijan, and ¾ Memorandum on cooperation between centers of forensic expertise. During the event, the presidents also met with representatives of companies from both countries including Azerbaijan’s PASHA Holding, SOCAR, SOFAZ, Agalarov Development, Silk Way Group, Matanat, Sarda Group, AzerGold, Azermash, Azerbaijan Investment Holding, Azerbaijan Railways, and Alyat Free Economic Zone. The meeting concluded with the launch of various cooperative projects ranging from the construction of hotel and residential complexes in Tashkent and building material production in the Kashkadarya region (Uzbekistan), to the establishment of textile clusters and a sewing factory in Azerbaijan. To mark the end of the state visit, the two presidents and their wives attended in a concert featuring artists from the two countries.

Export/Import Economy South Korea Economic Cooperation Mutual trade

Kazakhstan and South Korea: “A Golden Bridge of Friendship”

The President of Kazakhstan, Kassym-Jomart Tokayev, held talks with the President of South Korea, Yoon Suk Yeol. According to Tokayev, Seoul is one of Astana’s most important strategic partners in the Asia-Pacific region. Korea ranks fourth in foreign trade turnover, and is among Kazakhstan’s top ten largest foreign investors. South Korea has become a true economic and technological locomotive on a global scale, Tokayev stated. World-renowned Korean corporations seriously support promoting the country’s position in the international arena as a “key global state.” Kazakhstan and Korea have achieved a high level of political dialog, establishing fruitful economic cooperation and strong humanitarian ties. The two countries interact in various spheres, including inter-parliamentary, inter-governmental, and inter-departmental contacts. According to Tokayev, regular contact between businessmen of the two countries plays a very important role in building close ties. More than 700 companies with South Korean capital successfully operate in Kazakhstan. “The 120,000 ethnic Koreans in Kazakhstan fulfill an important role and make an invaluable contribution to strengthening our relations. In turn, more than a thousand Kazakh students studying in Korea are a ‘golden bridge of friendship’ between our countries,” Tokayev stated. During the talks, the presidents discussed prospects for bilateral cooperation in energy, infrastructure and industry, engineering, trade, transport and logistics, digitization and the aerospace industry, the financial sector, education, healthcare and pharmaceuticals, tourism and culture, ecology, and other fields.

Transport cooperation Mutual trade Kazakhstan Armenia

Kazakhstan and Armenia Negotiate on Trade and Transport Cooperation

Following negotiations on 15 April in Yerevan, with Armenian Prime Minister Nikol Pashinyan, Kazakh President Kassym-Jomart Tokayev stated that with regard to furthering cooperation, the countries enjoy “unshakable friendship and mutual support.” With reference to developing a more comprehensive partnership, he cited their common goals as expanding and activating bilateral ties, and strengthening regional and international security. Negotiations also focused on enhancing cooperation in economic and investment and the Kazakh president reported, “We - both agreed - that it is necessary to look for new directions that will give impetus to the growth of trade turnover. Kazakhstan is ready to increase its exports to Armenia to $350 million.” Tokayev stressed that development of the transport and logistics sector is key to strengthening Kazakh-Armenian cooperation and hailed Armenia’s readiness to restore transit communications in the South Caucasus under the ‘Crossroads of Peace’ initiative. Aimed at developing communications between Armenia, Turkey, Azerbaijan, and Iran, the Armenian-proposed initiative includes renovating, building, and operating roads, railways, pipelines, cables, and electricity lines. In addition, the Kazakh president welcomed proposals for the operation of direct flights between the countries’ capitals and other cities. Pashinyan likewise emphasized the significant headway made during the negotiations, saying, “We have identified further prospects for strengthening our cooperation, including - transport and logistics. We agree that despite the constant growth in trade turnover, there is still unrealized potential for the development of trade and economic cooperation.”

Kazakhstan Uzbekistan Mutual trade

Kazakhstan and Uzbekistan Set to Increase Trade

On March 15th, Kazakh Prime Minister Olzhas Bektenov and Uzbek President Shavkat Mirziyoyev and Prime Minister Abdulla Aripov met in Uzbekistan to discuss the expansion of Uzbek-Kazakh cooperation to increase the volume of mutual trade. The key sectors in the strategic partnership include industry, transport, and logistics and last year, trade turnover between Kazakhstan and Uzbekistan amounted to $4.5 billion. Negotiations with the Prime Minister of Uzbekistan Abdulla Aripov focused on measures to increase trade, investment, water, energy, transit, transport, and cultural cooperation, as well as strengthening interaction in the field of agriculture. The Kazakh prime minister placed emphasis on the need to increase the region's potential regarding transit and transport as well as the use of water. He also announced Kazakhstan’s readiness to expand export to Uzbekistan through the addition of 255 commodities in the amount of almost $500 million. Both parties noted significant progress in the industrial sector which has led to the implementation of 60 projects worth $2.6 billion and the creation of over 13,000 jobs.