CAREC Ministers Agree on $23 Billion Action Plan
Baku, November 2 (AZERTAC). Ministers of the Central Asia Regional Economic Cooperation (CAREC) Program nations have agreed on a plan to implement more than $23 billion in new regional transport infrastructure projects, together with energy and trade initiatives, aimed at creating seamless connectivity and greater prosperity in the region.
The Wuhan Action Plan, unveiled at the ministers` meeting, prioritizes 68 transport projects that will contribute to six major corridors linking the ports in eastern People`s Republic of China (PRC) with the Caucasus and beyond, and connecting northern Kazakhstan to the trading hubs in Karachi and Gwadar in Pakistan. This will be complemented by efforts to improve border and customs services to allow people and goods to move easily between nations. In addition, CAREC nations aim to raise funds to build and improve energy assets.
The Ministers, representing Afghanistan, Azerbaijan, the PRC, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan, also agreed to establish a base for the CAREC Institute in the region by 2014 to support strategic projects through analytical work, training, and knowledge management.
The Central Asia Regional Economic Cooperation, or CAREC, Program is a partnership of 10 countries, supported by 6 multilateral institutions, working together to promote development through cooperation, leading to accelerated growth and poverty reduction.
The Program`s long-term vision is Good Neighbours, Good Partners, and Good Prospects.
With the rapid economic expansion of the People`s Republic of China and Japan to the east, the Russian Federation to the north, and India and Pakistan to the south, there is unprecedented opportunity for CAREC countries to emerge as a centre of trade and commerce, achieve higher levels of economic growth, and reduce poverty.
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