Baku Declaration on Partnership with CAREC signed at COP29

A high-level session on partnership with the Central Asia Regional Economic Cooperation Program (CAREC) was held in Azerbaijan as part of the UN Climate Change Conference COP29.

The Baku Declaration on Partnership with CAREC on Climate, Innovation and Trade was signed at the event. The meeting was held at the initiative of the Ministry of Economy of Azerbaijan, and was moderated by Lyaziza Sabyrova, Regional Head of the Asian Development Bank's Department of Cooperation and Integration for Central and West Asia.

The Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov noted the contribution of the CAREC Program to regional development, highlighting its role in strengthening of regional cooperation by investing in high-quality projects in various sectors, including priority areas. He emphasized Azerbaijan's importance as regional transport hub and its ongoing efforts to enhance of cross-border and transit procedures, logistics and trade digitalization.

"In the first nine months of 2024, the trade turnover between Azerbaijan and CAREC member countries reached approximately $4 billion, and the share of CAREC countries in the total volume of Azerbaijan's foreign trade was 11.5%",

Jabbarov said.

The signing of the Baku Declaration will create a new regional platform to support initiatives in the social, economic and environmental spheres, and the process of adopting new "green" principles will be facilitated.

The meeting on the sidelines of COP29 included presentations on the CAREC Climate Change Action Plan, the CAREC Climate and Sustainability Project Preparation Fund, and the CAREC Climate, Innovation and Trade Partnership.

The session also included discussions on issues of preparation for climate risks, water, energy and food security, low-carbon solutions, and strengthening partnerships in the fight against climate change.