Washington DC – Today, the National Foreign Trade Council (NFTC) and the U.S.- Kazakhstan Business Association (USKZBA) welcomed the completion of accession talks between the World Trade Organization (WTO) and Kazakhstan.
“Yesterday’s formal approval of Kazakhstan’s accession package marks a historic moment for the country and its people,” said Bill Reinsch, President of NFTC. “For U.S. businesses, Kazakhstan’s accession represents real reforms and presents evidence that steps are being taken in Kazakhstan to improve the business and investment climate, making it a more welcoming place to do business.”
With the formal approval of the accession package and the completion of the longest accession process to date, which began in February 1996, Kazakhstan will become the 162nd member of the WTO in December at the WTO ministerial conference in Geneva.
“The completion of this process will lead to increased trade and investment opportunities for Kazakhstani businesses that will benefit consumers not only in Kazakhstan but in all WTO-member countries,” said Sarah Frese, Executive Director of USKZBA. “As a nation with numerous natural resources that provide the potential for long-term economic growth and proven leadership in the Central Asia region since its independence in 1991, Kazakhstan is sure to be a strong addition to the international organization.”
Kazakhstan exports an estimated $78 billion annually, roughly 38.25 percent of its gross domestic product, with top export goods including oil and mineral fuels, iron and steel. Currently, the United States ranks as Kazakhstan’s fifth largest import partner with an estimated $2 billion in imports.
About the U.S.-Kazakhstan Business Association
The U.S.-Kazakhstan Business Association (USKZBA) was formed to promote the involvement of the U.S. private sector in trade and investment in Kazakhstan. The USKZBA is an independent, nonprofit corporation that works to promote U.S. economic and commercial cooperation with Kazakhstan by fostering a business and investment climate in which U.S. and Kazakhstani companies operating in Kazakhstan can flourish. It was incorporated in the State of Delaware on March 31, 1999, and is based in Washington, DC.
About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.