Russia, Kazakhstan on track to hit $30 bln trade target well ahead of schedule - Russian Econ Ministry

OMSK. July 24 (Interfax) - Trade between Russia and Kazakhstan is growing faster than expected, and the two countries stand a strong chance of hitting their $30 billion annual target well before the 2030 deadline, a Russian deputy minister said Friday.

"Trade has been developing quite well despite recent events and some issues we face. Our turnover grew more than 15% in January-May, exceeding $12 billion," Deputy Economic Development Minister Vladimir Ilichev told the Russia-Kazakhstan interregional cooperation forum in Omsk.

"At this pace, we hope the $30 billion target will be reached much earlier than planned," he said.

Ilichev said the structure of trade is diversified, covering not just minerals but also food, consumer goods and machinery.

He also noted that investment cooperation is expanding, with plans to launch a separate Eurasian fund this year that will finance large and medium-scale projects at preferential rates.

The two countries regularly exchange business missions, with about 50 bilateral events held in the first half of 2026, Ilichev said. Still, he urged regional authorities to move from dialogue to action.

"There are many visits and many exchanges of views, but it is highly desirable that all of this translates into the signing of commercial documents," he said.

Kazakhstan's foreign trade in January-May reached $56.35 billion, up 4.3% year-on-year, with a surplus of $4.38 billion, down 24%. Russia accounts for 8.8% of Kazakhstan's exports and 31.6% of its imports.

In May, President Kassym-Jomart Tokayev, during expanded talks with the Russian president in Astana, said trade would soon cross the "landmark figure of $30 billion." The two countries are implementing 177 joint projects worth $53 billion.

Trade between Russia and Kazakhstan exceeded $28 billion in 2025.