Kyrgyzstan-Russia Trade Turnover Rises by 5%
Trade turnover between Kyrgyzstan and Russia has seen a notable increase of 5 percent in 2024, as reported by the Deputy Minister of Economic Development of the Russian Federation, Dmitry Volvach. This announcement was made during the thematic sessions focusing on the partnerships between Russia and Kazakhstan, as well as Russia and Kyrgyzstan, which took place at the St. Petersburg International Economic Forum.
Volvach highlighted the growth in cooperation between the Russian Federation and the Republic of Kazakhstan, as well as the Kyrgyz Republic, attributing it to the strong network of business contacts between the two countries. Various sectors such as energy, industry, medicine, mining, retail, and the nuclear industry have seen active participation from Russian companies in the Kazakh and Kyrgyz markets.
The positive trend in trade turnover was also evident in the first quarter of 2024, with a 5 percent increase compared to the same period in the previous year. Volvach emphasized the importance of investment activity in strengthening economic ties and increasing resilience to external influences.
Efforts are being made to further enhance cooperation within the Eurasian Economic Union (EAEU) and the Commonwealth of Independent States (CIS). The EAEU is working on a mechanism for financing industrial cooperation to drive regional integration cooperation forward.
Moreover, the ratification of the agreement on free trade in services, adopted by CIS countries in June 2023, is nearing completion in Russia. This agreement aims to ensure security and protection of investments, as well as promote national treatment and most-favored-nation treatment. It is expected to elevate the level of integration partnership among member states.
Volvach emphasized that the development of free trade in services will create opportunities for businesses in the CIS region to expand into new markets, upgrade production capacities, and enhance the competitiveness of goods. This will ultimately lead to a flourishing environment for trade and economic growth between Kyrgyzstan, Russia, and other member states.
