The Senate of Kazakhstan on Thursday, May 26 ratified an agreement with Armenia on trade and economic cooperation for the supply of petroleum products to the country, TASS reports.

The agreement was signed in Nur-Sultan in July 2020. It defines the conditions for trade and economic cooperation between the governments of the two countries for the supply of certain goods.

"The agreement provides for: non-collection of export customs duties on goods supplied from Kazakhstan to Armenia for domestic consumption; a ban on the supply of specified goods that are not approved by the list, as well as not provided for by indicative balances," according to a statement from the Senate committee on economic policy, innovative development and entrepreneurship.

Goods supplied from Kazakhstan to Armenia are not subject to export to third countries and the countries of the EAEU. If this obligation is violated, the Kazakh side can prohibit or suspend duty-free supplies of said goods.

After ratification by the Senate, the agreement will be signed by President of Kazakhstan, Kassym-Jomart Tokayev.