Kazakhstan and Iran strengthen trade ties with US$92.8 million in new agreements

Kazakhstan and Iran have signed 10 commercial agreements worth US$92.8 million, as reported by Kazinform, a partner of TV BRICS. The agreements were formalised during the Kazakhstan-Iran business forum held in Tehran, which brought together over 50 Kazakhstani entrepreneurs and 230 Iranian counterparts.

The forum, organised under the leadership of Kazakhstan’s Minister of Trade and Integration, Arman Shakkaliev, and Iran’s Minister of Agriculture, Gholamreza Nouri Ghezeljeh, included business-to-business (B2B) meetings and a formal signing ceremony. As part of its trade mission, Kazakhstan reaffirmed its commitment to supplying 75 different types of products to Iran, amounting to an estimated US$250 million.

According to Kazakhstan’s Ministry of Trade and Integration, trade turnover between the two countries reached US$340 million in 2023, reflecting a 12.3 per cent increase compared to the previous year. Agricultural trade has been a particular focus, with bilateral agricultural exports rising by 33.3 per cent to US$219.8 million over the past 12 months.

Kazakhstan is keen to expand its exports of wheat, barley, flour, and vegetable oils, reinforcing Iran’s role as a key partner in grain trade. Moving forward, Kazakhstan aims to further increase its grain exports to Iran, strengthening its position as a strategic supplier in the region.

Kazakhstan’s efforts to strengthen trade ties with Iran align with broader regional cooperation initiatives. Earlier, Prime Minister Olzhas Bektenov met with Iran’s First Vice President Mohammad Reza Aref during the Eurasian Intergovernmental Council meeting in Almaty. Their discussions covered trade, agriculture, transport, logistics, and investment cooperation, further underscoring the strategic importance of Kazakhstan-Iran economic relations.

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