Kazakhstan continues to negotiate with member-states concerning the entrance the World Trade organization

Kazakhstan continues to negotiate with member-states concerning the entrance the World Trade organization. On June 11, 2004 the Kazakhstani financiers gathered to express their opinion on problem of access of foreign financial services to the bank and insurance market of the country. One of the conditions of WTO entrance is that the Kazakhstani market must be open for the foreign banks and insurance companies. Today the founding of branches of foreign banks in Kazakhstan is prohibited. There are some arguments for lifting ban. Coming of new banks will consolidate the competition and new bank technologies. And Kazakhstan’s image will be improved as the country with liberal economy. The market of securities will become more active and quality of bank services will become better and different bank services will appear. On the other hand, the Kazakhstani bankers are afraid of lost of most part of the market after the large world banks come. And capital will be sent abroad. According to Zhanat Aitzhanova, Vice Minister of Industry and Trade, most WTO member-states face the problem of control of foreign companies. - Our negotiations concerning WTO entrance is one-sided process. We receive demands and we must answer them, which are priority ones, and then, making concessions in definite sphere, we should ask preservation of some restrictions in those spheres, which were defined by us, said Zhanat Aitzhanova, Vice Minister of Industry and Trade. Insurance firms are more categorical in their appraisal. They consider that appearance of foreign insurance companies in Kazakhstan will eliminate this business, which is beginning to develop. Insurance firms suggested to postpone the opening of market and work out the restriction methods.