The Government of the Republic of Kazakhstan, by resolution dated November 27, 2024, approved the Agreement between the Government of the Republic of Kazakhstan and the Government of the Kingdom of Thailand on trade and economic cooperation, reports Zakon.kz .
"To approve the attached Agreement between the Government of the Republic of Kazakhstan and the Government of the Kingdom of Thailand on trade and economic cooperation, concluded in Astana on August 14, 2024," the text of the resolution says.
The Agreement is a framework document that lays the foundations for cooperation in such areas as trade, investment, entrepreneurship, balance of payments protection and is concluded in order to further develop and strengthen existing bilateral trade and economic relations.
The document says that the import and export of goods and services are carried out on the basis of commercial contracts concluded between individuals and legal entities of the two countries in accordance with national legislation.
Business entities are encouraged to participate in trade and promotional events such as exhibitions, missions, business meetings and seminars, both locally and online, held in both countries to develop trade relations.
In addition, the parties agreed that they are exempt from paying customs duties and taxes on goods that are temporarily imported into the territory of the other party, are not intended for sale and are subsequently subject to re-export.
As part of the agreement, a Joint Trade Committee is being established, consisting of representatives of their respective authorities.
The functions of the committee include:
The agreement was concluded in five years with automatic prolongation.
The decree came into force on November 27, 2024.
"To approve the attached Agreement between the Government of the Republic of Kazakhstan and the Government of the Kingdom of Thailand on trade and economic cooperation, concluded in Astana on August 14, 2024," the text of the resolution says.
The Agreement is a framework document that lays the foundations for cooperation in such areas as trade, investment, entrepreneurship, balance of payments protection and is concluded in order to further develop and strengthen existing bilateral trade and economic relations.
The document says that the import and export of goods and services are carried out on the basis of commercial contracts concluded between individuals and legal entities of the two countries in accordance with national legislation.
Business entities are encouraged to participate in trade and promotional events such as exhibitions, missions, business meetings and seminars, both locally and online, held in both countries to develop trade relations.
In addition, the parties agreed that they are exempt from paying customs duties and taxes on goods that are temporarily imported into the territory of the other party, are not intended for sale and are subsequently subject to re-export.
As part of the agreement, a Joint Trade Committee is being established, consisting of representatives of their respective authorities.
The functions of the committee include:
- overview of bilateral trade relations;
- monitoring and tracking the implementation of this agreement;
- exploring the possibility of expanding and diversifying bilateral trade, investment and economic relations between the countries;
- to facilitate the exchange of information in the field of trade and investment, as well as cooperation between the relevant departments of the countries.
The agreement was concluded in five years with automatic prolongation.
The decree came into force on November 27, 2024.