Inclusive growth - basis for C Asian countries' economic development

17:59, 7 November 2012

ASTANA. November 7. KAZINFORM 31 October in Wuhan, Hubei province, PRC all event of 11th Ministerial Conference of the Central Asia Regional Economic Cooperation (CAREC), chaired by the Finance Minister of the PRC, Mr. Xie Xuren, and the President of the Asian Development Bank, Mr. Haruhiko Kuroda, are concluded, the press service of the Kazakh Ministry of Finance reported.

The Kazakh delegation is headed by Ms. Natalya Korzhova, Executive Secretary of the Ministry of Finance of the Republic of Kazakhstan.

CAREC is a partnership of ten countries (Afghanistan, Azerbaijan, Kazakhstan, China, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan) and six international financial institutions (International Monetary Fund, Asian Development Bank, World Bank, European Bank for Reconstruction and Development, Islamic Development Bank, and the United Nations Development Programme) in four sectors (transport, trade facilitation, trade, energy).

In the Conference CAREC member countries agreed on Wuhan Action Plan on Regional project implementation to build transport transit corridors and new initiatives on energy development, trade facilitation which aimed to create effective connections for development of the region.

According to ADB, starting from 2001 almost $20 bln. USD has been invested in CAREC-related projects and programs in priority sectors (transport, trade facilitation, trade, energy). During the Conference it was announced that almost all transport corridors is going to be completed, remaining sections will be completed the period up to 2017. To strengthen energy-water sector a common understanding has been reached on the initial need to develop the analytical tools for water management at the national and regional levels.

The development of transit corridors is impossible if border and customs control management are not improved. In this regard during the Conference a successful case of cooperation within the CAREC program was highlighted on Joint Customs control between Mongolia and Peoples Republic of China, which can be used on the border of Kazakhstan and China. Improvement of phyto -sanitary measures and cooperation between Carrier and Forwarder Associations of CAREC countries is becoming very important secondary sectors of CAREC Program.

Ministers also agreed establish the CAREC Institute physical base in the region by 2014 to support strategic projects by providing analytical base, training and knowledge management.

11th Ministerial Conference approved all directions of CAREC 2020 Strategy, which was adopted last year to achieve a common vision of "Good Neighbors, Good Partners, Good Prospects". The next 12th Conference will be held in Astana in autumn 2013.

Economy