Enhanced Partnership Agreement is new stage of Kazakh-EU relations
ASTANA. KAZINFORM Application of particular provisions of Enhanced Partnership and Cooperation Agreement (EPCA) within the competence of the European Union has started since May 1, 2016. For the Agreement could become effective it is necessary that 28 EU Member States and European Parliament ratify it, Kazakh MFA press-service reports.
The document covers 29 areas of cooperation including international and regional security, trade, investments, development of infrastructure as well as innovation, culture, sports and tourism.
Presently, 9 EU Member States (Latvia in July 2016, Slovakia in September 2016, Lithuania and Czech Republic in November 2016, Bulgaria and Poland in January 2017, Hungary and Denmark in February 2017, Finland in March 2017) have ratified the Agreement. Official confirmation on ratification by Austria, Germany, Romania and Sweden is expected in the short run.
In November 2016, Council of the European Union approved the EPCA and forwarded it to the European Parliament for consideration.
The Agreement enables the parties to be engaged in a dialogue on a wide range of issues and enter a brand new stage of Kazakh-European relations.
The first meetings of the Cooperation Committee Trade Configuration and the Subcommittee on Customs Cooperation have been held as well as the 15th meeting of EU-Kazakhstan Cooperation Council (04.10.2016) and the 16th meeting of the EU-Kazakhstan Cooperation Committee (28.03.2017) in furtherance of the existing EPCA provisions.
The joint implementation of the new agreement will help to further growth of mutual trade between Kazakhstan and EU, expansion of economic exchanges and attraction of investment and new technology consequently generating new opportunities for economic growth and employment.
As reported by the State Revenue Committee of Kazakh Ministry of Finance, in 2016 Kazakhstan's foreign trade turnover of with EU countries amounted to $24.1bn (export- $18.4bn, import - $5.7bn), which is equivalent of 50 per cent of Kazakhstan's total foreign trade volume of $48.3bn.
According to the statistics from National Bank of Kazakhstan, for 2016 the total inflow of direct investments from the European Union has equaled to $10.8bn (52.3 per cent of cumulative investment in Kazakh economy).