A declaration was signed at the High-Level Session on the CAREC Partnership for Climate, Innovation, and Trade, organized by the Ministry of Economy in Baku as part of COP29.
As part of COP29, a High-Level Session dedicated to the CAREC Partnership on Climate, Innovation, and Trade was held, organized by the Ministry of Economy.
The event, moderated by Laziza Sabirova, Regional Head of the Cooperation and Integration Department for Central and West Asia at the Asian Development Bank, featured remarks from Minister of Economy Mikayil Jabbarov, who emphasized the CAREC Program's contributions to the region's development. He noted that the program supports strengthening regional cooperation by investing in high-quality projects across various sectors, including priority areas. It was highlighted that Azerbaijan, as a key transportation hub in the region, plays a significant role in continuously improving cross-border and transit procedures, logistics, and the digitalization of trade. Efforts to strengthen trade and investment relations between Azerbaijan and CAREC countries are ongoing: "In the first nine months of 2024, trade turnover between Azerbaijan and CAREC member states reached approximately 4 billion USD, with CAREC countries accounting for 11.5% of Azerbaijan's total foreign trade." Minister Jabbarov also pointed out that the “Baku Declaration on CAREC Partnership for Climate, Innovation, and Trade,” signed during the session, will establish a new platform to support initiatives in social, economic, and environmental spheres in the region. Additionally, the adoption of new green principles will be facilitated within this framework, and dialogue on trade and climate change will be promoted.
President of the Asian Development Bank (ADB), Masatsugu Asakawa, Director General of ADB's Central and West Asia Department, Yevgeniy Zhukov, and Kazakhstan's Deputy Prime Minister and Minister of National Economy, Nurlan Baibazarov, who chairs the CAREC Program for 2024, shared their views on the partnership among CAREC countries, joint actions to mitigate the negative effects of climate change, and opportunities for implementing green projects. The session included presentations on the CAREC Climate Change Action Plan, the CAREC Climate and Sustainability Project Preparation Fund, and the CAREC Partnership for Climate, Innovation, and Trade.
The event featured discussions on climate risk preparedness, water, energy, and food security, low-carbon solutions, and strengthening partnerships for climate action. The Baku Declaration on the CAREC Partnership for Climate, Innovation, and Trade was signed by the member countries of the program.
