Kazakhstan ratified two agreements between the Governments of Kazakhstan and the People's Republic of China on the development of the Trans-Caspian International Transport Route (TITR or Middle Corridor) at the plenary session of the Mazhilis (lower house) of the parliament held today, SİA informs via Kazakh media.
"The first agreement between the governments of Kazakhstan and the China on the development of Middle Corridor ensures the efficient use of road, rail and sea transport modes, the creation of favorable conditions for cargo transportation, as well as the development of logistics centers in the territories of the two countries to attract additional transit volumes in TITR,” Kazakh Minister of Transport Marat Karabayev said while presenting the document to the MPs.
He noted that the agreement envisages the development of trade and economic cooperation between Kazakhstan and China and will increase the volume of cargo transportation between the two countries: "In general, the adoption of the bill does not cause negative socio-economic, legal or other consequences from the state budget, as well as financial costs."
The minister also pointed out that China has already ratified this document: "Furthermore, the Mazhilis has ratified the agreement between the governments of Kazakhstan and China on the development of TITR, including the development of container transportation by trains between China and Europe.”
According to the document, it is expected to confirm the potential annual volume of cargo transportation with TITR, help in financing TITR's oil pipeline, port infrastructure projects, as well as implementation of transit cargo transportation between Kazakhstan and China.
As of May 1, 2024, the volume of cargo transportation through TITR increased by 14 percent compared to the same period of last year and amounted to 1.4 million tons. The cargo included equipment, consumer goods, agricultural products, textiles, ferrous and non-ferrous metals, etc.
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