Kazakhstan and China agree to expand bilateral trade to $40 billion

Kazakhstan and China are going to expand bilateral trade and other economic relations. According to President Kassym-Jomart Tokayev, the amount of Kazakhstani-Chinese trade has reached $31 billion. He made this statement during the Central Asia – China summit.

«President Xi and I have agreed to expand our trade to $40 billion. Trade with China has been rapidly growing across the entire region. Last year, this rate reached $70 billion, with Kazakhstan accounting for 45% of it,» the president noted.

Tokayev believes that the turnover between Central Asia and China can reach $100 billion bar by 2030 if the positive dynamic in trade stays the same.

Kazakhstan is also expanding its cooperation with other Central Asian states. In 2022, the turnover between the countries rose by 19% and reached $8 billion. Now, the neighbors want to expand this figure to $15 billion.

President Tokayev also shared his vision of how the country can increase its exports to China.

«Kazakhstan can expand its exports to China at the expense of 135 non-commodity product items,» he said.

Tokayev also reiterated that the Khorgos International Center for Border Cooperation on the Kazakhstani-Chinese border was reopened in April.

«I’d like to invite all Central Asian states, especially those who do not share a border with China to exploit the potential of this important trade and logistical hub. We are planning to build the second dry port at the border together with our Chinese partners. We are going to apply all experience we have obtained in this sphere,» Tokayev highlighted.

The president of Kazakhstan has been on an official visit to China since May 17. During this visit, he met with his Chinese counterpart and discussed a variety of issues associated with bilateral trade. For instance, during his talks with President Xi Jinping, Tokayev said that Kazakhstan is ready to supply China with beans, lamb and beef. He also mentioned that the amount of Kazakhstani-Chinese trade in agricultural products reached $780 million last year.

The president has invited Chinese businesses to take part in the development of the sugar industry in Kazakhstan as the country struggles with a shortage of this product.

Within the framework of the summit, the Ministry of Agriculture of Kazakhstan and the General Administration of Customs of China agreed to use common sanitary and phytosanitary requirements that are applied to the export of press cakes residue from sunflower, safflower, soy and flaxseed oils (used as a high-quality forage for livestock). According to the National Association of Oil Processors, before this agreement, Kazakhstan would export only press cases of rape plants. Now, Kazakhstani businesses can export fodder made from any of the aforementioned oil plants.