Political Support For Creation Of SPECA Multi-Trust Fund Planned - Kyrgyz Deputy Minister

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 21. The initiative to create a multi-trust SPECA fund is planned to be politically supported, Kyrgyz Deputy Minister of Economy and Commerce Kanat Abdrakhmanov told Trend .

"The main focus now is on strengthening economic cooperation. In this context, it is planned to Politically support the effort to establish a multi-trust fund, SPECA, which will play a key role in country rapprochement, trade development, internal standard harmonization, and, more broadly, the growth of investment cooperation," he said.

According to Abdrakhmanov, the SPECA events have already included discussions in the working group on trade, and concrete plans have been adopted to simplify trade procedures, digital transformation, the introduction of paperless transactions, and the introduction of the single window principle for export-import operations.

"We hope that these steps contribute to increasing trade between SPECA member countries," Abdrakhmanov said.

According to him, today many countries report significant growth in trade, but there are some difficulties in logistics. He emphasized the need to move to more simplified approaches.

Abdrakhmanov also noted that these issues are being discussed separately within the framework of working groups. In addition, an agreed-upon document, "Roadmap for Digitalization of Trade," was adopted. This document, endorsed by all SPECA member countries, covers a broad spectrum and is fundamental for further joint work.

The UN SPECA program was established on March 26, 1998.

At present, the SPECA member states are Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

SPECA provides a platform for sub-regional cooperation to realize the Sustainable Development Goals (SDGs) that can best be achieved through regional cooperation.

Azerbaijan is chairing the program in 2023 and hosting SPECA Days in Baku on November 20–24, 2023.

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