China and Kazakhstan have signed pacts and deals over the weekend that amounted to US$14 billion, which included cooperation agreements regarding nuclear matters, utilization of both countries' mineral resources and using the national currencies whenever there are commercial transactions.

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The pacts were reportedly finalized when Chinese Prime Minister Li Kequiang visited Kazakhstan where he met the president and the prime minister of the said country. Li pointed out in a statement that his latest visit was one of his most fruitful visits as china and Kazakhstan have launched such a beneficial relationship.

According to reports, the two countries have come into terms regarding their macroeconomic policies especially maintaining consultations for international fluctuations such as the price of hydrocarbons specifically the crude oil.

Last October, Li also did the same with Russia as he also transferred around seven billion yuan to Kazakhstan, which amounts to nearly US$1 billion. Also, the two countries' national railroad companies signed a cooperation agreement in order to promote the transport of merchandise and this will be achieved in terms of creating a new Silk Road.

The Silk Road project was first discussed last September when Chinese president Xi Jinping promoted it to those who live in Eurasia that aims to benefit the three billion people living in these countries for the 21^st century. It aims to dismiss the old ways of transportation such as the use of horses and camels by substituting it with highways, rail lines, and pipelines.

According to Kazakhstan president Nursultan Nazarbayev, he supports the proposals of China as it will create a fund and a bank to finance the infrastructure projects in their country. He added, "A large part of Kazakh petroleum is being extracted with Chinese participation."

Aside from the earlier mentioned agreements, the two countries also agreed to strengthen bilateral cooperation in line with the electric energy sector that would include Kazakh power supplies to be moved to Beijing and China will act as its transit territory. Also, they agreed to create a mixed company that will produce nuclear fuel as Kazakhstan is the world's main exporter of Uranium. 

TagsKazakhstan, Pact, 14 billion, Signed, deals, agreements, mineral resources, Energy