TIFA countries agreed to expand trade, economic and investment co-operation

The 15th meeting of the U.S.-Central Asia Trade and Investment Framework Agreement (TIFA) Board took place in Astana on 13 June.

Representatives of the six participating countries - Kazakhstan, the United States, Uzbekistan, Kyrgyzstan, Turkmenistan and Tajikistan - discussed prospects for diversifying trade and expanding investment co-operation at TIFA.

The Kazakh side was led by Deputy Prime Minister Serik Zhumangarin. Deputy Prime Minister said 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 «checking the clock» 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 stabilising the world economy by connecting the global markets of the West and the East», — Serik Zhumangarin stressed.

USA Trade Representative, Ambassador Catherine Tye, in turn, noted that joint efforts should be coordinated to ensure sustainable growth of 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 US is interested in improving the quality of trade, supplying critical metals for the production of cars and semiconductors», — Katherine Tai said.

TIFA Council participants also discussed the development of new trade routes needed to improve supply chain resilience and diversify the economy.

For reference: The Trade and Investment Framework Agreement (TIFA) was signed in June 2004 in Washington between the United States, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan. The agreement provides for measures to expand international trade and attract foreign investment, as well as to establish trade relations between CA countries and Afghanistan, which will contribute to regional stability and security. The US-Central Asian Trade and Investment Council has been established within the framework of TIFA. Trade turnover between Kazakhstan and TIFA countries in 2023 increased by 6.3%, reaching $11.7 billion (2022 - $11.0 billion).

Bilateral trade between Kazakhstan and the USA grew by 33% in 2023, exceeding $4 billion. For January-April 2024, trade turnover totalled $1.4 billion, 17.3% higher than the same period in 2023 ($1.2 billion).