Central Asia Regional Economic Cooperation (CAREC) Program
In the Spotlight
ADB President Takehiko Nakao delivered the keynote address at the 13th CAREC Ministerial Meeting on 6 November 2014 in Bishkek, Kyrgyz Republic.
Asia is set to become increasingly integrated as governments bolster trade and transport connections and build regional institutions, such as free trade agreements, regional bond market arrangements, and financial safety nets, says the latest report.
ADB has received a US Department of Treasury award for a pioneering rail project in Afghanistan, which also supports the Central Asia Regional Economic Cooperation (CAREC) Program’s drive to boost transport, trade, and energy links throughout the region and beyond.
Connectivity can drive growth in Central Asia and beyond. Economies in the region should work together toward building high-speed, quality transit corridors between economic centers and ensure the free flow of goods.
The Central Asia Regional Economic Cooperation, or CAREC, Program is a partnership of 10 countries (Afghanistan, Azerbaijan, People's Republic of China, Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan), 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 Neighbors, 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 center of trade and commerce, achieve higher levels of economic growth, and reduce poverty.
CAREC helps Central Asia and its neighbors realize their significant potential by promoting regional cooperation in four priority areas: Transport; Trade Facilitation; Energy, and Trade Policy.