Kazakhstan, Russia agree to overcome ‘hole' in trade

ASTANA. KAZINFORM - Kazakhstan and Russia developed a project on expansion of mutual trade. The protocol enacting the joint actions plan was signed by Kuandyk Bishimbayev, Minister of National Economy of Kazakhstan, and Alexei Ulyukayev, Minister of Economic Development of the Russian Federation, in Astana on Tuesday.

"Today we have held negotiations and signed a very important document that allows us to overcome all those difficulties we have been facing for two years in terms of trade... In fact, the two-way trade has vast potential. Hopefully, we will overcome this ‘hole' in bilateral trade," Ulyukayev said after the meeting with his Kazakhstani colleague on the sidelines of the 13th Interregional Cooperation Forum of Kazakhstan and Russia.

According to Minister Bishimbayev, 45 joint events are planned to be held. Out of 45, 27 are investment projects worth $4 billion in the sphere of machine engineering, metallurgy, agriculture, etc. Part of the investment projects is already underway, the remaining part will be launched in 2017.

Kuandyk Bishimbayev also said: "Our mutual trade fell by 20-25% compared to 2014 mainly due to economic situation. Our commodity producers find it difficult to enter the Russian market. Consumer demand significantly dropped in Russia as well. We expect the two-way trade to reach $700 million in 2017."


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