CAREC lets in Pakistan, Turkmenistan

ADB

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).

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“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.

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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.

CAREC lets

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.

Wallpaper

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.

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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.

CAREC In Pakistan

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.

PICTURE

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.”