Trade turnover between Kazakhstan and Uzbekistan is growing at an accelerated pace, Kazinform reported citing Kazakh Vice Minister of Finance Kanat Bayedilov.
He made the remarks at the expanded meeting of the Finance and Budget Committee of the Kazakh Parliament's Senate.
The draft law "On Ratification of the Protocol between the Government of the Republic of Kazakhstan and the Government of the Republic of Uzbekistan on Amendments and Additions to the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Uzbekistan on Avoiding Double Taxation of Income and Property dated June 12, 1996" was discussed at the committee meeting.
"In recent years, the trade turnover between the two countries has been developing at a good pace, in particular, only in 2017 the trade turnover amounted to $2 billion. The growth was 31.2 percent compared to 2016. When considering 1H2018, the turnover has increased by 35 percent. Growth has been observed in both imports and exports. The main export products are ferrous metals, oil products and wheat. Vegetables, fruits and nuts predominate in imports," Bayedilov said.
The Vice Minister also noted that Uzbek investments in Kazakhstan for the past 10 years amounted to $31.3 million, half of which was invested in 2016.
Kazakh investments in Uzbekistan amounted to $114.4 million over the past decade.
Bayedilov said in his report, that amendments to the Agreement on the avoidance of double taxation of income and property dated June 12, 1996 are introduced in connection with the changes made to the model convention of the Organization for Economic Cooperation and Development.
The protocol between Kazakhstan and Uzbekistan will introduce a number of changes to the current agreement and set several goals.
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