U.S.- Central Asia Trade and Investment Framework Agreement Council agrees to expand trade and economic coop
The 15th meeting of the U.S.-Central Asia Trade and Investment Framework Agreement (TIFA) Council took place in the capital. Participants discussed prospects for diversifying trade and expanding investment cooperation at TIFA, Kazinform News Agency learnt from the Kazakh Embassy in the United States of America.
The Kazakh side was led by Deputy Prime Minister Serik Zhumangarin. Deputy Prime Minister noted that against the backdrop of global economic instability, sanctions, trade confrontation and disruptions in global supply chains, the TIFA meeting serves as a practical platform for «comparing notes» and setting further priorities on key issues on the economic agenda.
"As one of the major economies in the region and a WTO member, Kazakhstan sees the high potential of the TIFA platform to strengthen not only bilateral but also regional trade relations. Holding this year's meeting of the TIFA Central Asia Regional Council is further proof of the progressive development of regional cooperation and sustainability, which in turn plays an important role in stabilizing the world economy by connecting the global markets of the West and the East," Deputy Prime Minister stressed.
The United States Trade Representative, Ambassador Katherine Tai, in turn, noted that joint efforts should be coordinated to ensure the sustainable growth of the TIFA economies.
"Central Asia remains a very important economic and strategic partner for the United States. We are also experiencing climate change and facing the consequences of technological and industrial progress. It is necessary to jointly develop traditional supply chains, the stability of which will ensure sustainable economic growth. The United States is interested in improving the quality of trade, supplying critical metals for the production of cars and semiconductors," Katherine Tai said.
The TIFA Council participants also discussed the development of new trade routes needed to improve supply chain resilience and diversify the economy.
