The Kazakhstani Senate, the upper chamber of parliament, ratified a free trade agreement in services and investments with Singapore on 27 June, 2024. This agreement, signed on 22 May 2023, aims to enhance trade and economic cooperation between the two nations.
A Free Trade Agreement (FTA) is a pact between two or more countries that outlines specific obligations affecting trade in goods and services, investor protections, and intellectual property rights, among other areas.
The Kazakh-Singaporean agreement specifically aims to expand trade and economic collaboration, provide Kazakhstani exporters with access to Singapore’s market, create opportunities for joint ventures, and establish conditions conducive to attracting and protecting mutual investments.
The ratification of this agreement is expected to broaden trade and economic cooperation, increase the export of domestic services to the Singaporean market, and stimulate investments in Kazakhstan.
