Subregional Cooperation Key to Central, South Asian Prosperity: ADB

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Last updated at: (Beijing Time) Friday, August 01, 2003

Subregional Cooperation Key to Central, South Asian Prosperity: ADB

Subregional cooperation in trade and transport is key to the future prosperity of Central and SouthAsia, a senior official of the Asian Development Bank (ADB) said on Thursday.

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Subregional cooperation in trade and transport is key to the future prosperity of Central and SouthAsia, a senior official of the Asian Development Bank (ADB) said on Thursday.

Increased trade fostered by such subregional cooperation could lead to "an increase in the GDP of concerned countries, a rise in employment, savings in transport costs and travel time, and the fostering of competition and private sector development," Yoshihiro Iwasaki, director general of ADB's South Asia Department,told the Ministerial Conference on Transport and Trade Cooperationin Central and South Asia held here.

The two-day conference brought together official delegations from the governments of Afghanistan, Pakistan, Tajikistan and Uzbekistan. Iran is participating as an observer.

The delegates discussed opportunities for cooperation in the trade and transport sectors and examined proposals for road corridors connecting Central and South Asia, including routes, costs, financial implications, and benefits.

Forging greater regional cooperation will require a firm commitment to addressing existing impediments in key areas such aslegal barriers, customs harmonization, cross-border relations and transit agreements, Iwasaki said.

The countries of Central Asia are distant from world markets and have relatively small domestic markets. One key goal of the proposed road corridors is to provide these nations with a gatewayto the vast markets of South Asia and the rest of the world.

The ADB is involved in a number of subregional cooperation initiatives including the Greater Mekong Subregion, the Central Asia Regional Economic Cooperation program, and the South Asia Subregional Economic Cooperation program.

These programs support the development of many countries and have contributed to a reduction of poverty in Asia and the Pacific.

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