03 October, 2018

Kazakhstan, Uzbekistan to establish international trade zone

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The President of Kazakhstan Nursultan Nazarbayev has instructed the government to work out the issue of establishing a new international trade zone and a checkpoint entitled "Turkestan" together with Uzbekistan, Podrobno.uz reported.

This has been announced at the meeting on the socio-economic development of the Turkestan region of Kazakhstan.

"The possibility of establishing an international trade zone entitled "Central Asia" should be considered. This will give impetus to the development of the economy of the Turkestan region and the whole country. We have the potential to increase trade with Uzbekistan to $5 billion a year by 2020. In this regard, I instruct the government together with the governorate of the Turkestan region to work with the Uzbek side on the establishment of an international trade zone and a new international checkpoint entitled as "Turkestan"”, Nursultan Nazarbayev said.

2018 has been declared the year of Uzbekistan in Kazakhstan. At the end of 2017, the trade turnover between the two countries increased by 8.6 percent and exceeded $2 billion. In January-June this year, the trade turnover between Uzbekistan and Kazakhstan has increased by 52 percent, while the Uzbek exports increased by 48 percent.

The countries also intend to take further coordinated measures to ensure the growth of trade turnover up to $3 billion in 2018 and up to $5 billion by 2020.

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