The General system of preferences was discussed by the Trade Ministry of Kazakhstan and the US Government

On September 28, 2020, at 19.00, a briefing meeting was Held in the videoconference format between Vice Minister of trade and integration of the Republic of Kazakhstan K.Torebayev, Vice Minister of labor and social protection A. Sarbasov and assistant US Trade representative for South and Central Asia Christopher Wilson, as well as his colleagues from the US Government.

At the briefing, the parties discussed the implementation of the recommendations of the International labor organization regarding the provisions of the Convention No. 87 on freedom of associations and protection of the right for organization of July 9, 1948 and the further use of the US system of preferences by Kazakhstan.

Vice Minister of trade and integration of Kazakhstan K. Torebayev shared information on the volume of mutual trade for 7 months of 2020, which amounted to $0.9 billion, which is 23% lower than in the same period of the previous year ($1.3 billion). Kazakhstan's exports decreased by 27.2% and amounted to 338.0 million us dollars, while imports - $661.9 million decreased by 20.8%.

The main factor in the decline of trade turnover, he highlighted the consequences of the coronavirus pandemic, which are reflected in the trade relations of all countries, including between Kazakhstan and the United States.

In addition, K. Torebayev suggested that in order to deepen the development of trade and economic cooperation, we should continue working together to expand the range of goods and services supplied, and establish direct contacts between business circles.

He also noted that the upcoming Opening of the Business Council between Kazakhstan and the United States will allow to deepen economic ties between the two countries through the expanded platform of the US chamber of Commerce.

The possibility of opening a joint production of agricultural machinery in Kazakhstan, as well as the proposal to implement a joint project with American companies to build a multimodal transport hub in the Central Asian region, were highlighted by Vice Minister as promising options for expanding trade and economic relations between our countries.

MTI RK