OREANDA-NEWS. July 08, 2014. The seventh round of negotiations on a new agreement to expand partnership and cooperation between Kazakhstan and the European Union was held in Brussels.

Deputy Foreign Minister Alexey Volkov headed Kazakh governmental delegation and Gunnar Wiegand, the European External Action Service (EEAS) Director for Russia, Eastern Partnership, Central Asia Regional Cooperation and OSCE countries headed the European Union’s delegation.

Kazakhstan and the European Union once again confirmed their interest in early conclusion of the Agreement designed to expand and upgrade existing Partnership and Cooperation Agreement signed in 1995. Increased strategic interest in Kazakhstan as a regional power was noted in Brussels, stressing that our country is the only country in Central Asia, with which the European Union is negotiating the agreement of the second generation.

Heads of delegations from Kazakhstan and the EU stressed that the new agreement will provide for a broad framework for enhanced political dialog, enhanced cooperation in the area of justice and security, further development of bilateral trade and investment, strengthening the economic and humanitarian cooperation, cooperation in the field of research and innovation, as well as create new opportunities for business cooperation between Kazakhstan and the EU.

According to the results of intensive negotiations, the parties reached a final agreement on the content and wording of all sections covering political, legal, commercial, economic, humanitarian and sectoral cooperation.

The parties agreed to hold a final round of negotiations in the fall of this year in Astana with the purpose of technical initialling of the draft Agreement on the level of the chief negotiators of Kazakhstan and the European Union and the preparation of subsequent initialling of the draft Agreement on the political level before the end of this year.

Over the past few years, the EU is the leading trade and investment partner of Kazakhstan. In 2013, the trade turnover of Kazakhstan-EU amounted to USD 53.4 billion, in January-April, 2014- USD 19 billion, accounting for 53.7% of the foreign trade turnover of Kazakhstan. 47% of foreign capital in the economy of Kazakhstan has European origin.