TBILISI, Georgia, May 2. Central Asia Regional Economic Cooperation Program (CAREC) region has high regional trade costs, Chairperson of the Central Asia Transport and Logistics Partnership Larisa Kislyakova said during the "Financing Greener Value Chains in the CAREC Region" panel session at the 57th ADB Annual Meeting in Tbilisi, Trend reports.
All nations are committed to participating in global value chains, but the CAREC region incurs significant regional trade expenses. These costs primarily stem from transport expenses, non-tariff barriers, and other impediments, rather than tariff charges, which have a minimal impact. Harmonization issues with trade standards further exacerbate the challenges," she said.
According to Kislyakova, another problem is related to the infrastructure of border crossing points.
Checkpoints consume significant time, with waiting times extending up to five days. This indicates that our infrastructure is ill-prepared to accommodate significant cargo volumes. Additionally, the reliance on paper documents raises issues. Therefore, digitalization is imperative in this regard," she said.
CAREC comprises 11 countries and development partners collaborating to foster development through regional cooperation, aiming for accelerated growth and shared prosperity.
The CAREC 2030 strategy supports five operational clusters and three cross-cutting themes.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel