Kazakhstan continues to negotiate with member-states concerning the entrance the World Trade organization
Published:
15 June 2004 y., Tuesday
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.
Šaltinis:
khabar.kz
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Reform of the banking system was one of the key themes at this year's World Economic Forum in Davos, with bankers coming in for a lot of criticism.
more »
Small firms have been hard hit by the economic crisis, and so must be given incentives and support, including easier access to credit, help with innovation, tax breaks and less red tape, MEPs on Parliament's Special Committee on the Financial, Economic and Social Crisis (CRIS), and experts agreed at a workshop on Monday.
more »
The elections and investiture of Porfirio Lobo as President of Honduras have cleared the way for the EU to restore normal relations with the Central American country and negotiations for signing a bi-regional Association Agreement may soon resume.
more »
The European Commission has approved applications from Lithuania for assistance under the European Globalisation Adjustment Fund (EGF).
more »
The European Commission has decided to refer Italy to the European Court of Justice (ECJ) on the basis of Article 108(2) of the Treaty on the Functioning of the European Union (TFEU) for failing to comply with a Commission decision of July 2008.
more »
The EBRD is helping to strengthen the financial sector in Bosnia-Herzegovina (BiH) with a €50 million credit line to the Deposit Insurance Agency of Bosnia and Herzegovina (DIA), the Bank’s first investment in a deposit insurance entity.
more »
In its first investment in the natural resources sector in Bosnia and Herzegovina, the EBRD is providing a €17 million sovereign loan to finance the gasification of the Central Bosnia Canton.
more »
The EBRD is increasing the availability of financing to private businesses in Armenia with a $5 million credit line and a $3 million trade finance facility to ArmSwissBank for small and medium companies (SMEs).
more »
On January 27 the European Commission assessed the action taken by Lithuania, Malta, Latvia and Hungary in response to recommendations proposed by the Commission and endorsed by the Council in July 2009 in respect to the correction of their respective budget deficits.
more »
EUROSTAT announced that Lithuania’s GDP rose by 6.1 % in the 3rd quarter of 2009 versus the previous quarter.
more »