Trade turnover between Kazakhstan and India increased by 2.2 times - "QazTrade" Trade Policy Development Center" JSC
Trade turnover between Kazakhstan and India increased by 2.2 times

Trade turnover between Kazakhstan and India increased by 2.2 times

On September 10, this year, the 7th meeting of the Kazakh-Indian joint working group on trade and economic cooperation was held via videoconference. 

The meeting was co-chaired by the Vice-Minister of trade and integration of the Republic of Kazakhstan K. Torebayev and the Deputy Minister of trade and industry of India, Mr. Bidyut Behari Swain.

The event was attended by the ambassadors of extraordinary and Plenipotentiary of Kazakhstan and India, as well as interested government authorities and organizations of the two countries.

As noted in his welcoming speech, K.Torebayev, Kazakhstan attaches great importance to the further development of mutually beneficial trade and economic cooperation with India and the meeting of the Working group is one of the preparatory stages for the upcoming visit of the Head of state to India in the next year.

Issues of cooperation in various fields of activity were discussed at the meeting. Such as: trade, investment, transport and communications, agriculture, energy, industry, etc., which reflect the key measures, the implementation of which should have a positive impact on increasing the volume of mutual trade.

During the discussion, the Kazakh side informed the Indian side about the possibility of increasing the potential export of Kazakhstan through the supply of 60 goods totaling $ 271.4 million in such areas as metallurgy, food, chemical, mechanical engineering and construction products.

In addition, the Kazakh side offered to the Indian side to organize a multimodal logistics service from Kazakhstan and Central Asian countries via Iran to India with optimal delivery times.

Also, in order to further develop industrial cooperation between Kazakhstan and India, our side proposed to conduct a joint study on the development of the Central Asian transport and transit economic corridor “North-South”, which connects South Asia (Afghanistan, India) to the regions of Central Asia and Europe, the Urals, Siberia and the Far East.

In 2019, the trade turnover between Kazakhstan and India amounted to $ 1.9 billion, which is 55.8% higher than in 2018 ($1.2 billion).

Exports from Kazakhstan to India in 2019 increased by 65% and amounted to $ 1.6 billion.

Imports to Kazakhstan from India in 2019 increased by 20.1% and amounted to 291.6 million us dollars.

For 7 months of 2020, the trade turnover increased by 2.2 times and amounted to $ 2 billion (January-July 2019 -0,9 billion dollars).

Exports from Kazakhstan to India showed a positive trend of growth by 2.4% (amounting to $ 1.7 billion).

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