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Astana, Kazakhstan • 15 August 2023

Kazakhstan and South Korea Consider Signing Trade Framework Agreement

In 2022, bilateral trade reached an all-time high of $6.53 billion

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Kazakhstan and South Korea consider signing a bilateral Trade and Investment Promotion Framework (TIPF) to facilitate trade opportunities and economic relations between the two countries, QazMonitor reports citing the Ministry of Trade, Industry and Energy of South Korea.

On August 14, Ambassador to South Korea Nurgali Arystanov met with Ahn Duk-geun, the Minister for Trade of South Korea, to explore ways for advancing bilateral trade and economic cooperation.

The parties noted that bilateral trade reached an all-time high of $6.53 billion in 2022. To sustain and amplify these achievements, the countries are considering signing of the TIPF. This initiative is a part of South Korea's trade policy, which involves proactive engagement in new markets through various trade systems. As of 2023, the East Asian nation aims to establish TIPF agreements with over 20 countries.

Furthermore, the interlocutors agreed to intensify collaboration in the supply chains of key minerals and major infrastructure projects.

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