According to the Kazakhstan Ministry of Trade and Integration, UZKAZTRADE, a joint venture between Kazakhstan and Uzbekistan, was registered as an export-import corporation in Kazakhstan.
Representatives of QazTrade and UzTrade will oversee the international trade corporation in a 50/50 split. UZKAZTRADE will cut off a long chain of middlemen and offer vegetables and fruits to Kazakh consumers at wholesale pricing.
The business won't add the commercial margin to imported goods and doesn't expect to turn a profit. The smallest possible margin will pay for the essential administrative expenses.
However, considering the volume of deliveries, it won't significantly affect the ultimate cost of the items, according to QazTrade director Nuraly Bukeikhanov.
According to the Ministry of Trade, export-import businesses with Kazakh participation would supply goods to large retail chains as well as socially and entrepreneurially oriented businesses. The business will buy goods that are less expensive than the going rate in the market.
This strategy, according to the Ministry, the sole stakeholder of QazTrade, will help keep inflation on some goods in check. Additionally, it is anticipated that the combined firms will export to Tajikistan, Uzbekistan, and Pakistan Kazakh products made of oil and fat, fruits, and vegetables, all at market prices.
By the end of 2022, the value of trade between Kazakhstan and Uzbekistan had increased by 29.8% to $5 billion ($3.8 billion), from the previous year according to
export import data. A new foreign trade business is supposed to make it easier for the parties to raise this amount to $10 billion.
