Kazakhstan, like the other Eurasian countries, has been hit by large external shocks such as low oil prices and slowdown in Russian and Chinese economies.
Nowadays, maritime routes dominate over the intercontinental freight traffic between Asia and Europe.
The International North-South Transport Corridor (INSTC) project was established in 2000 by Russia, India and Iran with a purpose of creating a corridor shorter than the current maritime Suez Canal transportation route in order to reduce the time and transportation costs of trade in goods.
The V Summit of the Turkic Council was held in Astana on September 11, 2015. The main topic of the Summit included the enhancement and the development of multilateral cooperation, particularly, in the field of “media and information” and other various fields.
In August 30, 2015 President Nursultan Nazarbayev paid an official visit to China to take part in the celebration of the 70th anniversary of the Victory in the Pacific Day. Apart from discussing current issues of mutual interest, the two leaders discussed new opportunities of bilateral trade.
As a result of low oil prices in the world markets, sanctions against Russia, depreciation of Russian ruble and devaluation in China, Kazakhstan has had to accept the floating exchange rate regime and to start implementation of a new monetary policy since August 20, 2015.
Kazakhstan is India’s largest trading partner among the Central Asian states. The cooperation on energy resources and trade of natural resources is an important component of the partnership between India and Kazakhstan.
The first news about the Asian Infrastructure Investment Bank (AIIB) have come up by October 2013.