Kazakhstan - Latest News/Current Events, Economic Overview & Trade Relations
Quick Facts about Kazakhstan
| Official Name | Republic of Kazakhstan |
| Capital | Astana |
| Location | Central Asia, northwest of China; a small portion west of the Ural River in eastern-most Europe |
| Area | total: 2,717,300 sq km land: 2,669,800 sq km water: 47,500 sq km |
| Climate | continental, cold winters and hot summers, arid and semiarid |
| Terrain | extends from the Volga to the Altai Mountains and from the plains in western Siberia to oases and desert in Central Asia |
Editor PicksBrowse Asia News Archive
Emerging Markets and Capital Controls
Kazakhstan has approved a law in March permitting the president to impose mandatory foreign exchange sales by exporters and a ban of foreign exchange transfers and holdings abroad.
Kazakhstan has approved a law in March permitting the president to impose mandatory foreign exchange sales by exporters and a ban of foreign exchange transfers and holdings abroad. The Central Bank chairman has stated that the introduction of currency control is to clarify current procedures, not because the forced devaluation of the tenge currency. Kazakhstan has used currency control before and devalued its currency following a similar move by Russia in the 1990s.read source article
Second Astana Economic Forum Held in Kazakhstan
Kazakhstan is hosting the second Astana Economic Forum. In attendance are over 400 scientists and economists from forty countries and thirty-five international organizations.
Kazakhstan is hosting the second Astana Economic Forum. In attendance are over 400 scientists and economists from forty countries and thirty-five international organizations. Notable Nobel Prize laureates on economy Edmund Phelps and Robert Mundell are amongst the attendees that heard Kazkh President address the forum. President Nursultan Nazarbayev noting that pre-economic crisis states could easily manage to collect capital for the national fund. Since then, the failure of the financial system has hindered the development of the world. President Nazarbayev has called for a single monetary currency for all nations that has been supported by the Nobel Prize laureate attendees.Japan's Toyota Tsusho Plans Food Wheat Imports From Kazakhstan
The trading company affiliated with Toyota Motor Corp., Toyota Tsusho Corp., plans to import milling wheat from Kazakhstan to Japan in order to diversity its supply sources as food demand continues to increase in Asia.
The trading company affiliated with Toyota Motor Corp., Toyota Tsusho Corp., plans to import milling wheat from Kazakhstan to Japan in order to diversity its supply sources as food demand continues to increase in Asia. The trading company is presently looking at potential routes from Kazakhstan after a trial run of feed barley from Kazakhstan in October. Historically, Japan's main agricultrual export partners have been from the U.S., Canada and Australia but due to Australia's drought exportable wheat has dropped. Kazakhstan's wheat is believed to contain higher protein that crops in Russia and Ukraine, which could potentially meet the quality requirements of Japanese millers. However, shipping costs from Kazakhstan are pricier than from the United States and Canada and takes twice as long.read source article
Astana Wants Controlling Stake in Baku-Ceyhan Related Project
Kazakhstan is insisting on a significant stake in a pipeline venture.
Kazakhstan is insisting on a significant stake in a pipeline venture. The venture is designed to funnel oil into the Baku-Tbilisi-Ceyhan pipeline. Currently, Kazakh Caspian Transportation System (KCTS) has had problems starting operations due to ownership structure disputes. The delay is said to be caused by Kazakhstani authorities and international backers on the project, including energy firms Agrip and Chevron. Members are currently divided over the size of Astana's stake. The venture by KCTS looks to a pipeline stretching from Eskene to Kuryk, where a new port will be built to accommodate for supertankers capable of carrying up to 1.8 million barrels a day. Kazakhstan, however, are looking for 51 percent stake in the venture.Kazakh Leader Calls for Single Global Currency
Kazakhstan's president has called for the creation of a single global currency in order to solve the current financial turmoil
Kazakhstan's president has called for the creation of a single global currency in order to solve the current financial turmoil. Kazakh's president, Nursultan Nazarbayev, said currencies operating under the United Nations should be discussed at the upcoming Group of 20 meeting in London. Nazarbayev has long been an advocate of adopting a region currency, similar to the euro, by members of the Eurasian Economic Community. Kazakhstan is an economic powerhouse in the former Soviet Union region. Due to falling oil prices and diminished demand for its energy and mineral resources, the economy has taken a hit.read source article
CNPC Plans to Buy Oil Assets in Kazakhstan
China's National Petroleum Corporation (CNPC), parent company of PetroChina could potentially buy Kazakhstan's oil asset.
China's National Petroleum Corporation (CNPC), parent company of PetroChina could potentially buy Kazakhstan's oil asset. CNPC is expected to spend nearly 10 billion yuan building an oil pipeline in Kazakhstan that borders Russia. However, the report is unclear as to whether it is PetroChina funding the deal or CNPC. The details remain undisclosed.Browse Asia News Archive
Trade Agreements
Armenia - Kazakhstan Free Trade Agreement
http://www.worldtradelaw.net/fta/agreements/armkazfta.pdfArmenia - Kazakhstan Free Trade Agreement
CISFTA – Commonwealth of Independent States FTA
Belarus
Georgia
Moldova, Republic Of
UkraineNever fully implemented by all members, although Free Trade Area was created in 1999; future prospects unclear. http://www.worldtradelaw.net/fta/agreements/cisfta.pdf
Eurasian Economic Community Customs Union
The EAEC attempts substantial integration in post-soviet nations. It arose out of the CIS customs union as all the members were CIS members. The agreement strives to create a common market, customs union, standardized currency exchange, develop programs for social and economic development, a general energy market and several equal rights for citizens, including health care. The EAEC consists of an intergovernmental council, Secretariat, Commission of the Permanent Representatives, Interstate parliamentary assembly, Law Court, and Integration Committee. http://secretariat.efta.int/Web/ExternalRelations/PartnerCountries/Singapore
Kazakhstan – Georgia Free Trade Agreement
Georgiai. http://www.mfa.gov.ge/files/59_68_230357_Geo-KazakhstanFreeTrade.pdf
Kyrgyzstan – Kazakhstan Free Trade Agreement
US – Central Asian TIFA
The US-Central Asian TIFA will allow member countries to address trade issues and promote US trade and investment to Central Asia. It will open up a market of 55.9 million consumers to the United States. A Council was created with the agreement to promote an ongoing dialogue and open forum for countries improve trade relations. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file683_7722.pdf
Trade Organizations
Economic Cooperation Organization (ECO)
The Economic Cooperation Organization (ECO) is an intergovernmental international organization involving ten Asian nations. It provides a platform to discuss ways to improve development and promote trade, and investment opportunities. The nations involved are Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan. The common objective is to establish a single market for goods and services, much like the European Union. ECO's secretariat and cultural department are located in Tehran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.
Eurasian Economic Community (EuAsEC or EAEC)
The Eurasian Economic Community (EuAsEC or EAEC) is an intergovernmental organization of 6 nations and is also part of the CIS Customs Union. All members are also members of the older Commonwealth of Independent States.