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Kazakhstan sees 6.3% increase in trade turnover with TIFA countries in 2023

Kazakhstan sees 6.3% increase in trade turnover with TIFA countries in 2023
Trade turnover between Kazakhstan and TIFA countries reached $11.7bn in 2023, up from $11.0bn in 2022

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Trade turnover between Kazakhstan and TIFA countries saw a 6.3% increase in 2023, reaching $11.7bn, compared to $11.0bn in 2022. The 15th meeting of the U.S.-Central Asia Trade and Investment Framework Agreement (TIFA) Board convened on June 14, with representatives from Kazakhstan, the United States, Uzbekistan, Kyrgyzstan, Turkmenistan, and Tajikistan. Discussions focused on enhancing trade diversification and expanding investment cooperation among TIFA member nations. Deputy Prime Minister Serik Zhumangarin emphasized the importance of the TIFA meeting amidst global economic instability, while Ambassador Katherine Tai stressed the necessity of coordinated efforts to ensure sustainable growth for TIFA economies. The Trade and Investment Framework Agreement (TIFA) was signed in June 2004 in Washington between the United States, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan, aiming to expand international trade, attract foreign investment, and establish trade relations between Central Asian countries and Afghanistan. Bilateral trade between Kazakhstan and the USA grew by 33% in 2023, surpassing $4bn, and for January-April 2024, trade turnover totaled $1.4bn, a 17.3% increase over the same period in 2023.

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