(MENAFN- Trend News Agency)
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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