On 14 August 2024, Thailand and Kazakhstan signed an agreement on trade and economic cooperation between the two nations. The MoU aims to strengthen the bilateral trade relations between the two economies. Kazakhstan’s Trade and Integration Minister, Mr. Arman Shakkaliyev, and Thailand’s Deputy Prime Minister, Mr. Phumtham Wechayachai, signed the agreement at Kazakhstan’s EXPO International Exhibition Centre. The partnership will pave the way for future collaborations in several vital sectors of commerce and markets in Central Asia.
Mr. Phumtham invited Kazakh businesses to participate in Thailand’s international trade fairs, like the Bangkok Gems & Jewelry Fair (9-13 September), THAIFEX-HOREC Asia (5-7 March 2025), and STYLE Bangkok (2-6 April 2025), and online business matching engagements. He also announced that Thailand would soon establish a trade promotion office in Kazakhstan that would help expand trade in Central Asia and the broader Eurasian region. Both sides also discussed initiating negotiations for a free trade agreement between the Eurasian Economic Union and Thailand to minimise trade barriers and enhance investment possibilities.
The crucial agreement was signed during Mr. Phumtham Wechayachai’s visit to Kazakhstan. He met with the Prime Minister of Kazakhstan, Olzhas Bektenov, and discussed various critical issues in bilateral relations between the two countries. The topics ranged from developing trade and cooperation in tourism and sports to increased export of Kazakh products and implementing joint investment projects.
Admitting that Kazakhstan is a key investment partner to Thailand, Mr Phumtham noted that Kazakhstan can attract Thai investors into their special economic zones by exempting them from customs duties and taxes. Mr Phumtham also announced the opening of a Thai representative office to facilitate foreign trade in Kazakhstan and increase bilateral trade relations and mutual exchange.
Both sides considered increasing the supply of domestic agro-industrial goods to Thailand. Particularly, Kazakhstan is keen on exporting meat, cereals, flour products, fruits and vegetables, vegetable oils and numerous other agro-industrial products. Mr. Olzhas announced that Kazakh has been building a national commodity distribution system to store and distribute agricultural products to create necessary conditions for an agro-food hub in the country. He said that cooperation between Thailand and Kazakhstan will be crucial to bring this project to fruition.
Both sides reviewed the positive results of the bilateral partnership between the two nations. Kazakhstan appreciated the Thai government granting Kazakh citizens a visa-free regime. They noted that a Kazakh Consular office in Phuket, Thailand, would further aid the Kazakh citizens residing in Thailand. Additionally, both sides discussed the transit potential of Kazakhstan in developing the Trans-Caspian route. The meeting ended with both parties committing to deepen the economic and trade relationship between the two nations.
The Thai Chamber of Commerce has displayed keen interest in the Kazakh market as a source of essential raw materials and establishing processing facilities to gain entry into Central Asia, Eurasia, and Eastern Europe.
