China will displace Russia in terms of trade with Kazakhstan in the coming years, Deputy Prime Minister Serik Zhumangarin said in an interview with Bloomberg. According to Forbes, Russia has been the main partner of the Republic of Kazakhstan for 30 years.
The sanctions have relegated the Russian Federation to the background and allowed China to increase its influence in Central Asia. By 2030, Kazakhstan’s trade with China will exceed trade with all 27 EU countries. The Deputy Prime Minister expressed belief that that China’s coming out on top is a matter of a few years.
Last year, China-Kazakhstan trade grew by one-third to reach $24 billion, $2 billion less than trade with Russia.
The Deputy Prime Minister noted that Kazakhstan is considering alternatives such as Iran, India and the Persian Gulf states, but China remains a priority. This is a forced decision due to the massive and unprecedented sanctions against Russian companies.
