BAKU, Azerbaijan, November 14. A high-level session organized by the Ministry of Economy of Azerbaijan during COP29 in Baku led to the signing of the Baku Declaration on Partnership with CAREC (Central Asia Regional Economic Cooperation) on climate, innovation, and trade, Trend reports.
As reported by Trend, the session, moderated by Laziza Sabirova, Regional Head of the Cooperation and Integration Department at the Asian Development Bank (ADB) for Central and West Asia, highlighted the significant role of the CAREC program in regional development.
Minister of Economy Mikayil Jabbarov emphasized CAREC’s contribution to strengthening regional cooperation through investment in quality projects across various sectors, including key priorities.
He noted that Azerbaijan, as a vital transport hub in the region, plays a central role in improving cross-border and transit procedures, logistics, and the digitalization of trade.
During the event, it was noted that Azerbaijan continues to strengthen its trade and investment relations with CAREC member countries.
"In the first nine months of 2024, trade turnover between Azerbaijan and CAREC member countries reached approximately $4 billion, with CAREC countries accounting for 11.5 percent of Azerbaijan’s total foreign trade," Jabbarov said.
The signed Baku Declaration on Partnership with CAREC on Climate, Innovation, and Trade will establish a new platform in the region to support initiatives in the social, economic, and environmental spheres. The declaration aims to facilitate the adoption of new green principles and encourage dialogue on trade and climate change issues.
Masatsugu Asakawa, President of the ADB, Evgeny Zhukov, Director General of the ADB’s Central and West Asia Department, and Nurlan Baybazarov, Deputy Prime Minister and Minister of National Economy of Kazakhstan, who is also the chair of CAREC in 2024, shared their views on the partnership among CAREC countries, joint measures against the adverse effects of climate change, and opportunities for "green" projects.
Presentations during the session focused on the CAREC Climate Action Plan, the CAREC Climate and Sustainability Project Preparation Fund, and the CAREC partnership on climate, innovation, and trade.
Discussions were held on preparing for climate risks, water, energy, and food security, low-carbon solutions, and strengthening partnerships in the fight against climate change. The Baku Declaration on Partnership with CAREC on Climate, Innovation, and Trade was signed by the member countries of the program.
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