Kazakhstan and Uzbekistan set up UzQazTrade company

QazTrade trade policy development centre and UzTrade JSC founded the UzQazTrade foreign trade company to boost mutual turnover between Kazakhstan and Uzbekistan, Kazinform quotes the Kazakh Trade Ministry. According to QazTrade director general Nuraly Bukeikhanov, the development of a joint company will let Kazakhstani companies increase amount of deliveries of goods to both markets, contribute to generation of proposals on lifting restrictions and barriers in mutual trade. First it is planned to purchase fruit and vegetable products from Uzbekistan to meet the domestic needs. The company is expected to help sell Kazakhstani flour goods in the territory of Uzbekistan with an opportunity for further exports to Afghanistan. Notably, Kazakhstan and Uzbekistan agreed on granting preferences on supply chain costs. Besides, the project will contribute to raising efficiency of state measures to reduce Kazakhstan’s dependence on imports from the third countries. In 2022 the sales between the two nations reached $5 billion dollars that is 29.8% more as compared to 2021 with $3.8 billion dollars. Kazakhstan’s exports grew by 33% to stand at $3.7 billion dollars mainly thanks to ore, wheat, sunflower oil, meat exports. Kazakhstan’s import rose in 2022 by 21.4% to hit $1.3 billion dollars. Kazakhstan mainly buys spark-ignited engines, grapes, bricks, etc.

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