World Monitor Magazine June #3 - Page 30

Invest to kazakhstan Kazakhstan foreign trade turnover. This volume is certainly less than in 2014 and 2015, but its decline is caused by lower prices for the main export positions of Kazakhstan (hydrocarbons), rather than a reduction in physical turnover. In turn, Kazakhstan occupies the 34 th position among the largest trade partners of the EU (the 29 th place by import and 44 th place by export). In general, we are interested in wide diversification of our trade with the European Union, ensuring its best balance. The European Union is also the largest investor in the Republic of Kazakhstan. From January 2005 to December 2015, 222.3 billion USD of direct foreign investments were attracted to Kazakhstan’s economy, including 109.1 billion USD – from the EU countries. Accordingly, 49 percent of total investments fall on the EU countries. Only in 2016, the foreign direct investment from the European Union amounted to 10.8 billion USD (the main investors are the Netherlands, France, United Kingdom and Germany), which again amounts to about 50 percent of investments attracted this year. Thanks to joint efforts in 2015, Kazakhstan and EU signed a new ‘Enhanced Partnership and Cooperation Agreement’. I would like to especially note that Kazakhstan has become the first post-Soviet country who has signed an agreement of this format with EU. Since 1 May 2016 this agreement, due to its approval by the European Commission and ratification by Kazakhstan, has been in temporary implementation mode, which means 24 world monitor the application of those provisions, cooperation that is the prerogative of the European Commission. By the way, this applies, first of all, to the most massive part of the EPCA – the trade section. The new legal base for in-depth cooperation provided by the EPCA allows us to conduct a dialogue on a broader range of issues and open up a qualitatively new stage for Kazakhstani–European relations. Bilateral cooperation of Kazakhstan and EU, according to this new agreement, covers 29 different spheres, and positions have to be expanded. How is the work going in this direction? In the EPCA, together with the further deepening of trade and economic cooperation, we reached an understanding to expand dialogue in transport and energy, research and innovation, improving the quality of public services, customs and sanitation. An important place in the agreement is given to cooperation for ensuring human rights and freedoms, democratization and primacy of law, sustainable development and strengthening the role of civil society. In addition, the legal framework for cooperation has been established in areas that have not been provided for in the current Partnership and Cooperation Agreement 1995. Among them – space safety, combating proliferation of mass destruction weapons, combating terrorism, cooperation in the field of public service, climate change, health, public finance management, taxation, etc. An import ant achievement was the agreement on the possibility of concurrent preparation for a treaty that would ease the visa regime for RK and EU citizens, simultaneously with agreement on readmission between RK and EU. And we are currently conducting a very intensive dialogue with our European partners on these issues. In general, implementation of this historic document marks for both sides a new stage of bilateral partnership, will contribute to significant expansion of cooperation horizons and open up new opportunities for cooperation in all fields of mutual interest. The parties place their high hopes on this new agreement. We expect that its consistent implementation will allow for a significant increase in trade volumes, first of all through the sales of high-tech products, generating new opportunities for economic growth and creating jobs. As already noted, since May 1, 2016, certain provisions of the agreement became available in a partial application regime. Thus, we have started to apply practically the provisions of the EPCA. The Kazakhstan party is working on implementation of the agreement norms in the national legislation according to the general understandings provided for in this document. It should be noted also that the agreement takes into account Kazakhstan’s obligations, both within the WTO and Eurasian Economic Union. The Trade Section of EPCA is being actively implemented. The technical regulations are continually developed, the trade procedures are further simplified, active cooperation on sanitary and phytosanitary issues