Excellent News: Pakistan joins CAREC

[Hyde]

Pakistan joins CAREC
​

ISLAMABAD (November 03, 2010) : Pakistan has become member of the Central Asia Regional Economic Co-operation (CAREC) Programme, providing the country yet additional opportunity to access the markets of Central Asia and other countries besides developing its energy, trade, and transportation systems.

Founded in 1997, CAREC is now a partnership of 10 countries including Afghanistan, Azerbaijan, the People's Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan and six multilateral institutions including ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme and World Bank.

Ministers at the 9th Ministerial Conference of the Central Asia Regional Economic Co-operation (CAREC) Programme held in Philippines welcomed the accession of two new members- Turkmenistan and Pakistan. This is a special event, consolidating the CAREC partnership and its work in transport, trade facilitation, and trade policy.

Following the conference, Director General of the ADB's Central and West Asia department, Juan Miranda told media through tele-conference that next ten years were the decade of opportunities so this chance should not be missed in any case.

He said that ADB would be working with Pakistan for the infrastructure development and it would assist the country in the fields of trade and energy development adding that becoming the member of the programme Pakistan would also contribute in the regional economic development.

He said that ADB has been working for linking the regional countries by transit trade agreements adding that ADB was discussing with other countries to come into such agreements for the development of regional trade. He said that Pakistan-Afghanistan transit trade agreement would enable Pakistan to have access to central Asian markets and it could also import electricity from there to come over the domestic shortages.

The inclusion of Turkmenistan and Pakistan extends CAREC's reach to the Arabian Sea and beyond, improving Central Asia's competitiveness in world markets, including East and South Asia, Europe, and the Russian Federation. "We welcome Turkmenistan and Pakistan as new CAREC members. We are confident that their participation in the CAREC Programme will bring benefits to all," ministers said in a joint statement. "CAREC fosters regional connectivity and instills a regional mindset to look beyond national interests."

The Ministerial Conference, hosted by the Government of Afghanistan on the Philippines' island of Cebu, allowed CAREC members to reflect upon a decade of regional co-operation and growth, and to look to the future. Asian Development Bank (ADB) President Haruhiko Kuroda opened the Ministerial meeting on Tuesday with a call for member countries to take a long- term view on regional cooperation and to focus their actions to build upon past successes that include $13 billion in CAREC-associated investments in energy, trade, and transportation.

"What will be our legacy to the next generation and beyond?" Kuroda asked. "As we go forward with the next decade of cooperation in CAREC, let us remind ourselves repeatedly of that question. The destiny of future generations will be shaped by what we do today."

After taking stock of the first 10 years of achievements and challenges, the CAREC countries laid the groundwork for future cooperation by accelerating work on trade, transport, and energy. Over the next decade, an expanded CAREC partnership will cement the shared vision of a seamlessly interconnected region retracing the paths of the former Silk Road.

 

[Omar1984]

Good news. The Central Asian Republics will be very important for Pakistan's economy in the near future.

 

[PakSher]

This is good news for Pakistan's economy and job openings.

 

[Comet]

Excellent News. Lets wait ans see how all this turns out for us.

 

[nitetrogen70]

good news hope everyone makes full use of this

 

[Omar1984]

CAREC takes Pakistan, Turkmenistan into its loop ​

* Inclusion in the block to help bolster trade among member states

By Sajid Chaudhry

ISLAMABAD: The Central Asia Regional Economic Cooperation (CAREC) has acceded inclusion of Pakistan and Turkmenistan in the 10-member countries block that would help provide access to these land locked states to use as trade corridor the seaports of Gwadar and Karachi, Director General Central and West Asia Regional Department of the ADB told on Tuesday.

Director General ADB informed that Islamabad could get benefits from enhancing regional cooperation in the form of establishing rail and road links for promotion of regional trade, multi-billion dollars Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline as well as meeting power shortages of 5000 MW by importing electricity from Central Asian Republics (CARs).

“The projects such as Diamer Basha dam should have been built 20 years back keeping in view the energy shortages faced by Pakistan and the ADB is ready to assist Pakistan by extending cooperation for promoting regional cooperation or any other way adopted by the government to move ahead.

He informed that all the member countries would pursue entering into transit trade and transportation agreements – would benefit Pakistan a lot as the land locked countries would have direct access to the Pakistan’s seaports of Gwadar and Karachi for their imports and exports. This would also help Pakistan become a center of regional trade and economic activities and provide an opportunity to become Asian Tiger (economically). Cross border invest, trade and regional cooperation under the umbrella of CAREC would help all the member countries to grow economically and achieve their goals.

Founded in 1997, CAREC is now a partnership of 10 countries including Afghanistan, Azerbaijan, China, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan - and six multilateral institutions: ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme and World Bank. During the question answer session, answering a query about Pakistan’s decision to refuse re-prioritised loan of $2 billion by pursuing the bank to offer fresh loan for flood reconstruction areas, he said, “the government wants fresh loans and the ADB does not have any problem with it”. However, he said that different option were under consideration at the moment but the ADB would be willing to response positively whatever the government decided in this regard.

When asked to comment on volatile Afghanistan in the way of creating impediments for promoting regional cooperation, he said that the security was an issue but it was hoped that the security problems being faced by Afghanistan today would not last forever. The regional countries, he said, would have to depend upon promoting cooperation to meet gas and power sector requirements. He said that the ADB funded projects were underway in Afghanistan and it was hoped that the security situation would be improved in years ahead.

When asked whether any country opposed Pakistan’s inclusion in CAREC, he categorically stated that no one opposed this decision but it was debated among the members that how it could benefits all member countries. Replyinmg to another question, DG ADB informed that India and Iran did not show interest to join CAREC club and they did not see any expansion in it in foreseeable future.

He also said that the transit agreements would be promoted among the member states of CAREC and it was expected that some more initiatives in this regard would be materialized in months ahead. Pakistan and Afghanistan, he said, recently signed a historic transit trade agreement and some more would be done among other regional states very soon. “The ADB can assist CAREC forum by extending technical cooperation as well as by providing financing for mega projects in area of transportation such as establish linkages through rail and roads, bridges and through all other means,” he added.

Whereas ministers at the 9th Ministerial Conference of the CAREC Programme on Tuesday welcomed the accession of two new members - Turkmenistan and Pakistan. The inclusion of Turkmenistan and Pakistan extends CAREC’s reach to the Arabian Sea and beyond, improving Central Asia’s competitiveness in world markets, including East and South Asia, Europe, and the Russian Federation. “We welcome Turkmenistan and Pakistan as new CAREC members. We are confident that their participation in the CAREC Program will bring benefits to all,” ministers said in a joint statement. “CAREC fosters regional connectivity and instills a regional mindset to look beyond national interests.”