Coordinators of the Central Asia Regional Economic Cooperation (CAREC) Program Held a meeting in Turkmenistan.The national CAREC coordinators and the representatives of multilateral partner organizations, including the Asian Development Bank, the CAREC Institute, the European Bank for Reconstruction and Development, the Islamic Development Bank, the International Monetary Fund and the United Nations Development Program attended the meeting, organized by the Ministry of Finance and Economy of Turkmenistan.
The meeting focused on the results of work on the CAREC Integrated Trade Agenda 2030, as well as the prospects for cooperation and preparations for the 17th Ministerial Conference to be held in Ashgabat in November, 2018.
Turkmenistan joined the CAREC Program, initiated by the Asian Bank in partnership with UNDP, the World Bank, the International Monetary Fund, the European Bank for Reconstruction and Development, the Islamic Development Bank, in 2010.
The main objective of the Program is to assist the countries in Central Asia in implementing the investment projects in the fields of transport, trade and energy.During the meeting, it was noted that Turkmenistan that chairs the CAREC Program this year, paid particular attention to the development of economic cooperation in Central Asia.
The meeting participants got acquainted with the results achieved in the diversification and modernization of the national economy.Based on the results, Turkmenistan ranks among the countries with the fastest growing economies in Central Asia.
The strategic location of Turkmenistan, which borders Afghanistan, Kazakhstan, Uzbekistan and the Islamic Republic of Iran, as well as proximity to Azerbaijan and the Russian Federation (across the Caspian Sea) promotes to expanding the interregional relations between the Central Asia, the Caucasus, South Asia, and in the Middle East.
With its enormous potential, our country is committed to realize this factor with the maximum efficiency.Particular emphasis was placed on the concrete steps taken to develop the schemes and models of cooperation that meet today’s realities.
According to the programs of the social and economic development of Turkmenistan, the transport and logistics hubs, as well as telecommunication networks are developed and the production and export of electricity significantly grow.
Our country supplies hydrocarbon resources to the neighboring countries and far abroad.In this regard, the meeting participants emphasized the crucial importance of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline under construction for all countries participating in the project.
Director-General of the ADB Central and West Asia Department, Verner Lipah and ADB East Asia Regional Department Deputy Director-General M.Teresa Kho expressed their gratitude to the Government of Turkmenistan for their active work as a host country, as well as for the opportunity to discuss new areas of cooperation to successfully implement the CAREC Strategy 2030.
The plenary sessions focused on the AREC Integrated Trade Agenda, including the three-year Rolling Strategy Action Plan (RSAP) 2018 2020, which will be presented at the 17th CAREC Ministerial Conference.
The national coordinators got acquainted with the draft terms of reference for promoting cooperation in the cluster of the macroeconomic and financial stability.According to those speaking during the meeting, the foundation that will be laid in the near future will serve as a key vector to achieve the identified objectives.
The new strategy recognizes that various global and regional events may influence the effectiveness of the Program.In this regard, one of its important goals is to assert CAREC as an accelertor of trade and diversification of the regional economy.
Particular emphasis was placed on the need to support the member countries on their accession and fulfillment of the obligations after joining the World Trade Organization (WTO), implementing the WTO Trade Facilitation Agreement (TAMC), expanding customs cooperation, integrated trade facilitation.
The new CAREC strategy also aims at achieving consensus among the stakeholders and developing an integrated approach.In this context, the meeting participants were familiarized with the work on the establishment of the Regional Trade Group.
The presentations and discussions on the transport and energy sectors took place during the meeting.In the framework of the final session, the Turkmen side informed on the results of the preparatory work for the CAREC, 17th Ministerial Conference and the Secretariat presented the draft agenda of the upcoming forum.
The meeting participants discussed the draft of Joint Ministerial Statement.The prospects for cooperation between the CAREC Program member countries were identified on the outcomes of the meeting.
A special session on Building Climate Change Resilience through Disaster Risk Insurance in the CAREC region tooj place on the second day of the forum.This direction is defined as one of the most important vectors of partnership for the future.