Free Trade Agreement Kazakhstan

A free trade agreement (FTA) is a treaty between two or more countries that eliminates barriers to trade in goods and services, as well as investment. These agreements are designed to encourage economic activity by promoting the flow of goods and services across borders. One such agreement is the free trade agreement between Kazakhstan and the Eurasian Economic Union (EAEU).

Kazakhstan is the largest landlocked country in the world and is strategically located at the crossroads of Europe and Asia. It is the ninth largest country in terms of land area and has a population of around 18 million people. Kazakhstan is also rich in natural resources, including oil, natural gas, and minerals.

The Eurasian Economic Union is a regional economic union of five countries, including Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The union was formed in 2015 and has a combined population of around 184 million people.

The free trade agreement between Kazakhstan and the EAEU came into effect in 2016 and covers trade in goods, services, and investment. The agreement provides for the elimination of tariffs and other trade barriers between Kazakhstan and the other member states of the EAEU.

The free trade agreement has had a positive impact on the Kazakh economy, increasing trade and investment flows between Kazakhstan and the other member states of the EAEU. According to the Kazakh Ministry of Trade and Integration, exports from Kazakhstan to the EAEU increased by 31% in 2019, while imports from the EAEU increased by 18%.

The free trade agreement has also attracted foreign investment to Kazakhstan, as investors can now take advantage of the country`s favorable trading conditions and access to the markets of other EAEU countries.

In conclusion, the free trade agreement between Kazakhstan and the Eurasian Economic Union has provided a boost to the Kazakh economy by increasing trade and investment flows between Kazakhstan and the other member states of the EAEU. It has also attracted foreign investment to the country, creating new economic opportunities and helping to create jobs. The agreement demonstrates the benefits of regional economic integration and the potential for free trade agreements to promote economic growth and development.