Trade turnover between Kyrgyzstan and Russia has increased by 5 percent in 2024. The Deputy Minister of Economic Development of the Russian Federation, Dmitry Volvach, said during the thematic sessions «Russia — Kazakhstan» and «Russia — Kyrgyzstan» on the sidelines of the St. Petersburg International Economic Forum.
According to him, due to the wide network of contacts between the business circles of the countries, the volume of cooperation of the Russian Federation with the Republic of Kazakhstan and the Kyrgyz Republic demonstrates steady growth.
Participants of the thematic sessions discussed current issues of development of partnership between the states on a bilateral basis, as well as within the EAEU and the CIS.
«Russian companies are confidently working in the Kazakh and Kyrgyz markets in the field of energy and industry, medicine and mining, retail and nuclear sector. Investment activity is a key element in the development of relations between the countries, increasing the resilience of the economy to external influence,» Dmitry Volvach said.
According to the Russian Ministry of Economic Development, trade turnover with Kyrgyzstan in the first quarter of 2024 increased by 5 percent compared to the same period last year.
According to the deputy minister, all three countries pay special attention to the development of cooperation ties in the EAEU and CIS. At the moment, the EAEU is developing a mechanism for financing industrial cooperation, which will give a new impetus to the development of regional integration cooperation.
Dmitry Volvach reminded that the Russian Federation is finalizing the process of ratification of the agreement on free trade in services, which the CIS countries adopted in June 2023. The document provides for security and protection of investments, establishment of national treatment and most-favored-nation treatment. The agreement will allow the member states to reach a new level of integration partnership.
«The development of free trade in services will drastically allow the CIS countries to facilitate business activities within the vast region — new markets and niches will encourage businesses of all states to expand and modernize production capacity and improve the competitiveness of goods,» the Russia’s Deputy Minister of Economic Development said.
