Over the past 6-7 years, the GDP of Central Asian countries has surged by 70% to exceed $450bn, with intraregional trade more than doubling to $11bn and total foreign trade turnover nearly doubling to $225bn, International Institute for Central Asia (IICA) reported.
The 13th Central Asian Trade Forum (CATF) took place in Almaty, focusing on "Trade integration: reaching the global level." Organized by the US Agency for International Development (USAID), the Ministry of Trade and Integration of Kazakhstan, and the German Society for International Cooperation (GIZ), the event aimed to bolster trade cooperation and strengthen ties across Central Asia.
With a turnout of over 300 representatives from business and government sectors from Central Asia, the Middle East, Great Britain, and the USA, the forum underscored the significance of digitalizing trade procedures, optimizing transport and logistics, standardizing customs clearance, and harmonizing trade regulations in line with WTO standards.
The forum featured a trade exhibition with more than 40 companies from Central Asian countries and the 11th Regional Meeting of National Committees for Trade Facilitation. Business leaders and officials from the region attended these sessions.
Zeinah Salahi, Senior Deputy Assistant Administrator at USAID, highlighted the forum's decade-long impact, noting that over 10,000 representatives from 25 countries have participated in CATF events. Salahi emphasized that this forum is pivotal in shaping the future of trade in Central Asia, fostering inclusive and integrated economic growth.
Experts praised the president of Uzbekistan for his proactive efforts in unifying and integrating the Central Asian region. Analysts also noted the crucial role of the Consultative Meetings of the Heads of State of Central Asia in establishing a new paradigm for interstate relations and strengthening regional unity.
The director of the Institute of International and Comparative Affairs (IICA) played a prominent role in the forum's first session, "Entering New Markets." He detailed Uzbekistan's ongoing reforms and the initiatives proposed by its Head of State at the Consultative Meetings. These initiatives primarily aim to enhance trade and investment cooperation within the region.
Despite the growth, the IICA director pointed out that insufficient transport connectivity remains a significant barrier to economic development. According to the World Bank, transport costs can account for up to 50% of the final cost of goods. Addressing these barriers is crucial for integrating the region into global value chains.
Experts at the forum emphasized the importance of collaborative projects like the China-Kyrgyzstan-Uzbekistan and Uzbekistan-Afghanistan-Pakistan railways, as well as the Middle Corridor linking Central Asia with Europe. These projects are expected to transform Central Asia into a key transit hub in Eurasia. The Trans-Afghan route, proposed by Uzbekistan, could cut delivery times to Pakistan by approximately five days and reduce transport costs by at least 40%.
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