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Kazakhstan|politics|December 13, 2017 / 10:30 AM
EU ratifies enhanced partnership deal with Kazakhstan

AKIPRESS.COM - The European Parliament has formally ratified a landmark Enhanced Partnership and Cooperation Agreement (PCA) with Kazakhstan, its first with a Central Asian country, EU Reporter reports.

In a debate and vote in the parliament in Strasbourg on Monday night, the new deal was approved by MEPs by an overwhelming majority, with 511 votes in favor, 115 against and 28 abstentions.

The new Agreement will replace the Partnership and Cooperation Agreement that has been in force since 1999 and, according to a Commission spokesman represents a “significant step forward” in EU-Kazakhstan relations.

The European Union and Kazakhstan signed the deal in Astana on 21 December 2015 but the new 150-page document had to be rubberstamped by MEPs – and member states – before it could come into effect.

The newly-signed deal showcases the deepened relationship between Kazakhstan and the European Union, and provides for greater trade and business relations between them.

Currently, the EU is Kazakhstan's first trade partner representing over one third of its external trade. Kazakhstan’s exports to the EU are almost entirely in the oil and gas sectors, alongside other minerals, chemicals and food products.

From the EU, Kazakhstan imports machinery and transport equipment and pharmaceuticals, alongside chemical products, plastics, medical devices and furniture.

The EU is also the largest foreign investor in Kazakhstan, representing over 50% of Foreign Direct Investment (FDI) in Kazakhstan

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