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Central Asia Regional Economic Cooperation

Introduction


According to Asian Development Bank (ADB) ’s working paper, the Central Asia Regional Economic Cooperation (CAREC) region faces severe food safety challenges due to fractured safety control systems.



The Asian Development Bank (ADB) launched the Central Asia Regional Economic Cooperation (CAREC) programme in 2001 to encourage regional economic integration and collaboration in Central Asia. Through enhancing regional connectivity, commerce, and investment, and by addressing shared development concerns, the CAREC initiative seeks to increase economic growth, decrease poverty, and promote sustainable development in the area.


The CAREC initiative is carried out by a collaboration of 11 member nations, including Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. The initiative is directed by a strategic framework that outlines a long-term vision for regional cooperation and highlights key areas for action, including as transportation, energy, trade facilitation, and the creation of economic corridors.


The development of transportation infrastructure and cross-border transportation facilitation measures is one of the main goals of the CAREC initiative. This includes building and maintaining roads, railroads, airports, and border crossings as well as promoting measures that facilitate trade and transportation, like modernising customs practises and streamlining border procedures.


Energy cooperation, which aims to improve regional energy security and encourage the development of clean and renewable energy sources, is another crucial area of concentration for the CAREC programme. The initiative aids in the construction of transmission lines, the growth of energy markets, and the creation of trading systems for energy.


The programme also intends to improve regional collaboration in industries like agriculture, tourism, and information and communication technology (ICT).


Ultimately, the CAREC programme is a broad regional initiative with the goal of fostering regional collaboration and integration to advance sustainable development in Central Asia, eliminate poverty, and promote economic growth.


Way forward


Since its inception in 2001 and as of December 2021, CAREC has mobilised $41 billion in investments that have helped establish multimodal transportation networks, increased energy trade and security, facilitated free movement of people and freight, and paved the way for economic corridor development.


The new long-term strategic framework for the programme going up to 2030 is provided by CAREC 2030.


It is based on a larger mission to connect people, policies, and initiatives for shared and sustainable development, acting as the region's leading platform for economic and social collaboration.


Afghanistan, Azerbaijan, People's Republic of China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan are among the member nations.

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