Future free trade agreement with Indonesia opens up new prospects for businesses in Kazakhstan
28 April 2023
Kazakhstan's Ministry of Trade and Integration recently announced that the first round of talks on the conclusion of a free trade agreement between the members of the Eurasian Economic Union and Indonesia had begun.
The parties intend to talk about the details of the prospective agreement, such as commodity trade, origin-specific regulations, technological trade obstacles, intellectual property rights, and trade remedies.
According to Zhanel Kushukova, vice minister of commerce and integration for Kazakhstan, "the future free trade agreement will allow Kazakh suppliers to enter the market of this country with one of the fastest growing economies duty-free."
She mentioned the $400 million in trade that took place between Indonesia and Kazakhstan.
$244.3 million worth of ferroalloys, asbestos, and specific electrical products are exported from Kazakhstan to Indonesia, which in turn provides household goods and automobiles to Kazakhstan. In 2022, imports from Indonesia totaled $155 million.
This event is a fantastic signal for domestic enterprises and will direct their attention to this unquestionably interesting market, Kushukova added, even though the negotiation process has just begun.
- Excel Dyquiangco