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US-Central Asia TIFA signatories agreed to expand trade, economic and investment cooperation

Kazinform | 14 June 2024

US-Central Asia TIFA signatories agreed to expand trade, economic and investment cooperation

by Adlet Seilkhanov

The 15th meeting of the U.S.-Central Asia Trade and Investment Framework Agreement (TIFA) Council took place on June 13 in Astana, Kazinform News Agency cites the press service of the Kazakh government.

Prospects to diversify trade and expand investment cooperation were discussed by the representatives of the six countries – Kazakhstan, the US, Uzbekistan, Kyrgyzstan, Turkmenistan and Tajikistan – within TIFA.

Deputy Prime minister Serik Zhumangarin, who represented Kazakhstan during the event, said that amid the global economic instability, sanctions, trade confrontations and disruptions in the global supply chains TIFA serves as a practical platform to compare notes and set further priorities for key issues of e economic agenda.

Being among the major economies of the region and member of the WTO, Kazakhstan sees the high potential of the TIFA platform to enhance both bilateral and regional trade relations. The meeting of the Central Asia TIFA Council set to take place this year is another example of progressive development of regional cooperation and sustainability, which in turn plays an important role in stabilizing the global economy by connecting global markets of West and East, said Zhumangarin.

On her part, United States Trade Representative, Ambassador Katherine Tai noted that it is necessary to coordinate joint efforts to ensure sustainable growth of the country signatories to TIFA.

Central Asia remains the key economic and strategic partner of the US. We’re also experiencing climate change, facing the consequences of technological and industrial progress. It is essential to jointly develop traditional supply chains, which are to ensure sustainable economic growth if stable. The US is interested in increasing the quality of trade turnover, supplies of critical metals for production of vehicles and semiconductors, said Katherine Tai.

The Council’s members also discussed the development of new trade routes necessary to enhance the sustainability of supply chains and diversify the economy.

 source: Kazinform