Senate ratifies Kazakhstan-Singapore trade facilitation agreement

Singapore is the world’s largest financial, trade and oil refining center in Southeast Asia and global economy at large, Kazinform News Agency reports.

Commodity turnover between Kazakhstan and Singapore made 1.8 billion US dollars in 2023, of which 1.7 billion US dollars fell on Kazakhstan’s exports and 81 million US on imports from Singapore. Kazakhstan mainly imports aircraft, medical equipment, electronics and pharmaceuticals, and exports crude oil. Direct investments of Singapore in Kazakhstan for the past 11 years exceeded 1.7 billion US dollars. last year the gross inflow of direct investments from Singapore to Kazakhstan reached 457 million US dollars.

Upon entry of the agreement into force, Singapore will abolish all tariff rates in effect and will be obliged not to apply tariff and non-tariff trade restrictions.

Besides, Kazakh senators have ratified the Free Trade Agreement between the Eurasian Economic Union and Islamic Republic of Iran.