Kazakhstan, a pivotal player in the Eurasian region, continues to bolster its international trade relations. Recently, President Kassym-Jomart Tokayev signed into law the ratification of an agreement between the Republic of Kazakhstan and the Republic of Turkey. This agreement focuses on enhancing information exchange and streamlining customs control procedures.
The law, officially announced by the press service of Akorda, is aimed at significantly improving the efficiency of customs control processes through electronic data interchange regarding goods and vehicles moving between the two nations.
The implementation of this legislation promises to elevate collaboration between the two countries, serving the interests of both their economies and societies. It seeks to simplify and optimize customs control procedures, ultimately leading to a substantial increase in customs and tax revenue.
It’s noteworthy that Turkey stands as one of Kazakhstan’s key trade and economic partners, securing the third position in terms of trade volume with Kazakhstan, excluding members of the Eurasian Economic Union (EAEU).
From 2010 to 2022, the trade and economic ties between Kazakhstan and Turkey have strengthened remarkably, surging by 3.4 times and reaching an impressive $6.3 billion. The most significant growth transpired over the past two years, nearly doubling since 2020. Within this trade structure, approximately 75 percent constitutes Kazakhstan’s exports, totaling $4.8 billion. Key export items include oil and oil products, copper, zinc, aluminum, lead, and more.
This ratified agreement not only underscores Kazakhstan’s commitment to fostering international trade but also exemplifies its dedication to efficient customs procedures, facilitating the movement of goods and services across borders. As the Eurasian region continues to evolve as a global economic hub, such initiatives are instrumental in ensuring the smooth flow of commerce and collaboration between nations.