On June 5, the President of the Republic of Kazakhstan Mr. Kassym-Jomart Tokayev signed the law “On ratification of the Agreement on the Establishment of the Institute of Central Asian Regional Economic Cooperation.” The law was reviewed and adopted by the Mazhilis and the Senate of the Parliament of the Republic of Kazakhstan on April 26 and May 18, respectively. Kazakhstan signed the Agreement on February 21, 2022.
The CAREC Institute is jointly shared, owned, and governed by eleven member countries: Afghanistan, Azerbaijan, the People’s Republic of China, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. The governance of the CAREC institute is represented by the council of eleven-member country representatives comprised of high-level government officials from the line ministries designated by their respective governments. The Governing Council is vested with the mandate and responsibility to guide, oversee, and supervise the strategic objectives and plans, organizational structure, appointment of the management, rules and regulations, annual budget, and audit statements of the Institute. The chairmanship of the Governing Council is held by the country chairing the CAREC Program, following the system of alphabetical rotation among CAREC member countries. All decisions are made by the Governing Council based on the consensus of all countries. Kazakhstan will assume the chairmanship of the Governing Council of the CAREC Institute in November 2023.
The CAREC Institute is an intergovernmental organization dedicated to promoting economic cooperation through knowledge generation, capacity building and knowledge sharing in the CAREC region. With the ratification of the Agreement, Kazakhstan became a full member of the CAREC Institute.