COP29: Azerbaijan, CAREC strengthen climate, innovation, and trade partnership PHOTO

During the COP29 conference, a high-level session on the Partnership with CAREC on Climate, Innovation, and Trade was held, organised by the Ministry of Economy.

The event was moderated by Lyaziza Sabyrova, Regional Head of the Cooperation and Integration Department for Central and West Asia at the Asian Development Bank (ADB), Caliber.Az reports.

In his address, the Minister of Economy, Mikayil Jabbarov, highlighted the significant contribution of the CAREC Programme to the development of the region. It was noted that the programme supports the strengthening of regional cooperation by investing in high-quality projects across various sectors, including priority areas.

Minister Jabbarov emphasised Azerbaijan’s vital role as a key transport hub in the region, continuously improving cross-border and transit procedures, logistics, and trade digitalisation. Furthermore, he pointed out the ongoing efforts to enhance Azerbaijan's trade and investment relationships with the CAREC countries, noting that, in the first nine months of 2024, trade turnover between Azerbaijan and CAREC member countries reached approximately $4 billion, accounting for 11.5% of Azerbaijan's total foreign trade.

A key outcome of the event was the signing of the “Baku Declaration on Partnership with CAREC on Climate, Innovation, and Trade,” which aims to establish a new platform in the region to support initiatives in social, economic, and environmental fields. This partnership will facilitate the adoption of green principles and encourage dialogue on trade and climate change.

The President of the Asian Development Bank, Masatsugu Asakawa, the Director General of the ADB’s Central and West Asia Department, Eugene Zhukov, and the Deputy Prime Minister and Minister of National Economy of Kazakhstan, Nurlan Baibazarov, who is also the Chair of the CAREC Programme in 2024, shared their views on the partnership between CAREC countries and the collective efforts to address the negative impacts of climate change, alongside the potential for green projects.

The session included presentations on the CAREC Climate Action Plan, the CAREC Climate and Resilience Project Preparation Fund, and the CAREC Partnership on Climate, Innovation, and Trade.

Discussions also focused on preparations for climate risks, water, energy, and food security, low-carbon solutions, and strengthening partnerships in the fight against climate change. The participating countries of the programme signed the "Baku Declaration on Partnership with CAREC on Climate, Innovation, and Trade" as part of the event.

By Aghakazim Guliyev