Azerbaijan approves agreement on establishment of CAREC Institute
The Azerbaijani Parliament has approved an agreement on establishment of the Central Asia Regional Economic Cooperation (CAREC) Institute at a plenary session Dec. 1.
After joining CAREC in 2002, Azerbaijan has invested around $3 billion in the 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 promotion of trade between Europe and Asia.