Kazakhstan-based Business Consortium Aims to Enhance Commercial Ties with China
Fresh Perspective: Kazakhstan's National Chamber of Entrepreneurs (NCE) has joined hands with China's Committee for the Promotion of International Trade, aiming to strengthen legal compliance on both sides and foster trade relations. Signing the MoU during the China-Kazakhstan Trade and Economic Forum in Astana, the NCE also unveiled an investment map to facilitate connections between Kazakh and Chinese entrepreneurs.
The NCE statement underscored the forum as a platform for creating favorable business conditions, boosting trade, and implementing investment projects. Meanwhile, Eldos Saudabayev - head of the Customs Control Department, highlighted the challenges in tracking trade between the two nations. Saudabayev pointed out the substantial differences in trade turnover figures reported by Kazakhstan and China, stating that they've received substantial complaints from China regarding the matter.
Astonishingly, in 2023, China was Kazakhstan's largest trading partner, with a staggering $41 billion bilateral trade turnover, marking a 32% surge from the previous year. Kazakhstan's official figures, however, reported a much lower turnover of $31.5 billion. Surprisingly, the NCE's forum statement cited the Chinese trade turnover figures.
It's crucial to consider various factors like different statistical methods, data collection inconsistencies, transshipment and re-exports, currency fluctuations, and illicit trade when analyzing discrepancies in trade turnover statistics between countries[1]. Addressing such discrepancies requires improved data exchange, harmonized statistical methods, and efficient mechanisms for reconciling customs statistics, as demonstrated by the cooperation between Tajikistan and China[1].
- The business sector could benefit from the partnership between the NCE and China's Committee for the Promotion of International Trade, as they aim to strengthen legal compliance and foster trade relations, particularly in the areas of finance and industry.
- The NCE's investment map, revealed during the China-Kazakhstan Trade and Economic Forum, is intended to facilitate connections between Kazakh and Chinese entrepreneurs in the environment and business sectors.
- The widespread discrepancies in trade turnover figures between Kazakhstan and China necessitate improvement in data exchange, harmonization of statistical methods, and efficient mechanisms for reconciling customs statistics, as seen in the cooperation between Tajikistan and China, to ensure accurate news reporting for businesses and the environment.
