Azernews.Az

By Trend

A mission of the Asian Development Bank (ADB) discussed with Azerbaijan the possibility of the country’s participation in the custom transit system (CTS) pilot project, the ADB Baku office told Trend on March 31.

The pilot project is aimed at simplifying customs procedures for transit cargo transportation between the countries that are part of the Central Asia Regional Economic Cooperation (CAREC) program.

The ADB mission, which has been in Baku since March 30, aims to discuss the possibility of participation of Azerbaijan, Georgia and Kazakhstan in this project.

During the meeting with representatives of the State Customs Committee of Azerbaijan, the sides discussed possible measures to simplify customs procedures for transit cargo transportation.

The ADB mission will stay in Baku until April 3.

The CAREC program established in 1997 is a partnership of 10 countries - Azerbaijan, Afghanistan, China, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan and 6 multilateral institutions: ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, UN Development Program, and World Bank.

After joining the CAREC program in 2002, Azerbaijan has invested around $3 billion in program projects. Azerbaijan has allocated around $6 billion for development of the transport corridor within CAREC. The East-West Highway reconstruction by Azerbaijan within the CAREC program has transformed the country into a more effective corridor between Caspian and Black seas, and this contributed to the promotion of trade between Europe and Asia.

ADB, based in Manila, was established in 1966 and is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.

Azerbaijan became the ADB member on Dec. 22, 1999.

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