Kazakhstan-Singapore agrt on trade in services and investment ratified by Majilis

Majilis deputies have ratified today the Agreement between the Republic of Kazakhstan and the Republic of Singapore on Trade in Services and Investment, Kazinform News Agency reports.

Minister of Trade and Integration Arman Shakkaliyev made a presentation of the draft law.

He said the Agreement was signed in Astana on May 22, 2023.

The Kazakh Minister said Singapore is well experienced in development of services sector which is proved by economic indicators and innovative achievements.

Last year, commodity turnover between the two countries made $1.8 billion, with Kazakhstan’s exports at 94%.

“As per the agreement, we expanded and increased Kazakhstani business’ engagement in Singapore’s services market. The Agreement also provides favorable conditions for the disposal of investments and ensures a high level of protection of investors in accordance with international practice,” Arman Shakkaliyev said.

In his words, the Agreement sets a goal to expand trade-economic cooperation, to provide access for Kazakhstan’s exporters of services to the Singaporean market, to create conditions for the establishment of ventures with local participation, as well as  for the attraction and protection of mutual investments.