Customs Service announced today that it has launched an online trade facilitation tool (ITC-WCO Rules of Origin Facilitator), which allows the identification of information related to trade agreements, customs duties applicable according to the final destination, rules of origin specific to each product, as well as information on certificates of origin. According to the quoted … Read more
The Kazakh government plans to develop the import substitution program with a mission to reduce imports, increase export advantages and competitiveness of domestic production, reported the Prime Minister’s Office on March 19. The state bodies have presented a preliminary plan that includes 444 domestic import substitution projects worth 13.3 trillion tenge (US$26 billion). The projects … Read more
Export and transit cargos from Kazakhstan will be redirected to the Trans-Caspian International Transport Route (TMTM) crossing Azerbaijan, Georgia and Turkey, Kairbek Uskenbayev, the Minister of Industry and Infrastructure Development of Kazakhstan, announced on Tuesday. The Russian news agency Tass cited Uskenbayev as saying Kazakhstan had reached an agreement with Azerbaijan, Georgia and Turkey to … Read more
“The trade between Turkmenistan and Azerbaijan has increased five times since 2020,” said Vice President of the State Oil Company of Azerbaijan (SOCAR) Elshad Nasirov at the International Oil and Gas Forum, held in Ashgabat. Nasirov noted that Azerbaijan is interested in cooperation with the Caspian region countries. He said that Turkmen-Azerbaijani relations are bound … Read more
Exports from Armenia to Russia decreased by almost 30 percent in March—and this is worrying. The minister of economy, Vahan Kerobyan, stated about this during Thursday’s press briefings at the government of Armenia. He added, however, that there is growth in the other sectors, and the overall situation with exports is also positive—as this growth … Read more
Central Asia has been identified as a new market for expansion and Kazakhstan as a regional hub for Malaysian exporters by the Malaysia External Trade Development Corporation (MATRADE).
According to CEO of MATRADE Mohd Mustafa Abdul Aziz, the agency is planning to strengthen the groundwork in Central Asia, mainly Kazakhstan and Uzbekistan, and facilitate more connections between Malaysian exporters and buyers in these countries.
Kazakhstan and Central Asia could offer each other a lot of products and services.
Speaking about oil and gas and aerospace areas, Abdul Aziz said that Kazakhstan could contribute a lot to the bilateral trade relationships between both countries. From the other side, halal products (food and beverages, cosmetics and Islamic finance) have high potential for export to Kazakhstan and Uzbekistan.
Electrical and electronic, rubber, agricultures, palm oil-based manufactures and palm oil-based agricultural products were Malaysia’s top five export products in 2021. They totaled $88.5 billion and accounted for 85.7 percent of the country’s total export to Kazakhstan.
Malaysia imported from Kazakhstan mainly metal manufactures, transport equipment, chemicals and chemical products, machinery, equipment and parts as well as refined petroleum products (totally $10.8 billion).
According to Abdul Aziz, Kazakhstan can become the central distribution hub for Malaysian palm oil and other products in Central Asia.
He said that it was important to look again at the opportunities available in Kazakhstan and the Central Asian region. The closure of borders in Malaysia made it impossible to undertake trade relation opportunities in that region. He added that it was necessary to be really aggressive in making Malaysia’s presence felt and heard in Kazakhstan.
MATRADE is planning to use the upcoming Kazakhstan International Building and Exhibition (KazBuild) and Kazakhstan International Oil & Gas Exhibition (KIOGE) in September 2022 as part of its strategy to explore opportunities in Central Asia.
Export missions to Kazakhstan and Uzbekistan in November 2022 are also planned by the Malaysian national trade promotion agency.
This way, interest from Malaysian companies to further exploration of those regions was demonstrated. MATRADE should ensure that the right companies are brought, so that they will be matched perfectly with their potential partners in both countries.
A full-fledge trade office in Almaty, Kazakhstan in 2015 and a marketing office in Tashkent, Uzbekistan in 2010 have been established by MATRADE in order to facilitate market access for Malaysia products and services in Central Asia.
Kazakh and Uzbek business communities who are keen to source from Malaysia have access to the offices. Kazakhstan’s private sector is also encouraged by MATRADE to leverage Malaysia as a strategic hub to source or distribute their products and services in ASEAN.
In 2021 Kazakhstan was Malaysia’s largest trading partner, export destination and source of imports in the Central Asia region (the 94th largest trading partner).
According to Abdul Aziz, in 2021 Malaysia’s total trade with Kazakhstan was 7.7 times higher than the total trade recorded over the past 20 years since the two countries established their bilateral relationship and totally valued at $99.3 million.
He said that the trade trends for the past 20 years had shown that trade linkages between both countries were in line with their initiatives to boost their trades with the Central Asia region, particularly with Kazakhstan.
The 30th Kazakhstan and Malaysia diplomatic relations anniversary is celebrated this month, and when the pandemic-related restrictions are lifted, high-level visits between both countries are likely to be organized to further strengthen their political, economic, and people-to-people ties.
Source Link
On March 17-18, a government delegation of Uzbekistan headed by Deputy PM – Minister of Investment and Foreign Trade Sardor Umurzakov visited Washington (USA), a Dunyo correspondent reports. According to the Ministry of Investment and Foreign Trade (MIFT), during the two-day visit, meetings were held with World Bank President David Malpass and Vice President for … Read more
President Volodymyr Zelensky has requested the Cabinet of Ministers, National Security and Defence Council secretary, and Verkhovna Rada speaker develop a format of solutions that will accelerate supplies of all necessary goods from abroad. The head of state spoke of the issue in a video address to the nation, released on Friday, March 18, Ukrinform … Read more
The delegation of the mission of the International Monetary Fund (IMF), which is visiting Serbia, led by Jan Kees Martijn, has talked to representatives of the Chamber of Commerce of Serbia (CCIS) about macroeconomic and financial stability, investment environment and the challenges which lie ahead of the Serbian economy due to the Ukrainian crisis and … Read more
On 14-20 March 2022, the revenues of the Customs Service to the state budget amounted to over 589.5 million lei, 7.8% more than the established budget burden. According to the institution, since the beginning of this year, 5.9 billion lei have been collected from the state budget, with a 23.4% increase compared to the revenues … Read more