Overview of Economic and Trade Relations Between Kazakhstan and the European Union: Current Trends and Prospects | Институт экономических стратегий

Overview of Economic and Trade Relations Between Kazakhstan and the European Union: Current Trends and Prospects

#3. Attraction of Diversity
Overview of Economic and Trade Relations Between Kazakhstan and the European Union: Current Trends and Prospects

The European Union (EU) and Kazakhstan have established close economic and trade relations much thanks to EU Strategy for Central Asia and Kazakh state program Path to Europe. Bilateral trade have been growing steadily since 2002. Today EU is Kazakhstan’s first trade partner with annual turnover of ,1 billion representing a half of the country total trade in 2016 and the largest investor, ahead of Russia and China. EU imports from Kazakhstan are dominated by energy (minerals, fuels) products. The main EU exports to Kazakhstan include machinery and transport equipment, other manufactured goods and chemicals. In 2015 Kazakhstan has joined WTO with the EU consistently supporting Kazakhstan’s accession. Over the past two decades, Kazakhstan and EU have developed a strong and mutually beneficial energy cooperation. Major EU-based energy companies have significant investments in the Kazakh oil and gas industry. Currently, around 70% of Kazakhstan oil exports go to Europe, corresponding to 6.5% of the EU total oil imports. The 2017-address by the President Nursultan Nazarbayev comprise an industrial strategy aimed at modernizing Kazakhstan’s economy by diversifying it away from overdependence on extractive industries, targeting R&D and joining the top 30 most developed countries by 2050. Therefore Enhanced Partnership and Cooperation Agreement signed in 2015 offers new opportunities for Kazakhstan and EU and could be interesting for partners in the Eurasian Economic Union.

References:

  1. Strategiya novogo partnerstva: Evropeyskiy soyuz i Tsentral’naya Aziya [The EU and Central Asia: Strategy for a New Partnership]. Evropeyskaya sluzhba vneshnikh deystviy, available at: https://eeas.europa.eu/sites/eeas/files/the_european_union_and_central_asia_the_new_partnership_in_action.pdf
  2. Ukaz Prezidenta Respubliki Kazakhstan ot 29 avgusta 2008 g. no. 653 “Ob utverzhdenii gosudarstvennoy programmy “Put’ v Evropu“ na 2009–2011 gg.” [Decree by the President of Kazakhstan of August 29, 2008 no. 653 “On approval of the state program “Path to Europe” 2009–2011”], available at: http://online.zakon.kz/Document/?doc_id=30202015#pos=4;-282] i plana meropriyatiy po ee realizatsii. Postanovlenie Pravitel’stva Respubliki Kazakhstan ot 4 oktyabrya 2008 g. no. 916 [Decision of the Government of Kazakhstan of October 4, 2008 no. 916 “Action plan on implementation of the state program “Path to Europe”], available at: http://online.zakon.kz/Document/?doc_id=30209873#pos=5;-282
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  8. Soglashenie o rasshirennom partnerstve i sotrudnichestve mezhdu Kazakhstanom i Evrosoyuzom 2015 g. [Enhanced Partnership and Cooperation Agreement between the EU and Kazakhstan]. Ofitsial’nyy zhurnal Evropeyskogo soyuza, available at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:22016A0204%2801%29&from=EN
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