The CAREC Institute and the Asian Development Bank Institute (ADBI) are holding a joint workshop together with the Ministry of Economy and Sustainable Development of Georgia and the International School of Economics at Tbilisi State University on the topic of comparison of economic integration in Asia and Europe on 30-31 July 2019 in Tbilisi.
The participants include CAREC member country government representatives, and renowned authors and practitioners from Asia and Europe as resource persons.
In this context, the regional integration refers to a process through which economies in a region become more interconnected either through market-led and private-sector-driven actions, and/or government led policies and collective initiatives in a region. The Central Asia Regional Economic Cooperation (CAREC) Program is a partnership of eleven countries – Afghanistan, Azerbaijan, the PRC, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan – and development partners working together to promote sustainable development through regional cooperation. Since 2001, the Program has recorded approximately $32 billion investments in 185 projects in transport, energy, trade, and economic corridor development.
The workshop aims to achieve a better understanding on legal approaches to integration; aspects of fiscal and monetary integration; integration in energy and environment sectors; possibility of de-integration; best practices, lessons learned, and case studies from Europe and Asia which took different approaches to economic integration. While Asia has chosen to focus more on trade integration via free trade agreements, Europe has reached the highest level of economic integration with the single currency and the European Central Bank in place. Sharing these experiences will provide valuable policy perspectives to CAREC representatives to promote beneficial and sustainable integration in the region.