ASTANA – The Eurasian Development Bank published the report titled Economic Cooperation in Eurasia: Practical Solutions on Feb. 26, offering pragmatic solutions aimed at fostering economic cooperation among Eurasian countries.
Photo credit: pixabay.com
New priorities and interaction formats are linked to a multiplicity of cooperation vectors and a shift in trade and economic ties toward the Asian region, including the Association of Southeast Asian Nations, South Asia and the Middle East.
The report outlines 12 practical solutions for physical infrastructure development, trade, finance, and educational cooperation.
Transport
Proposals regarding the establishment of the Eurasian Transport Network entail the integrated development of international east-west and north-south transport corridors and routes, ensuring their integration.
Additionally, the creation of an integrated Eurasian transport connectivity map aims to visualize key transport corridors, facilitating better planning and coordination among stakeholders.
A cross-border public-private partnership mechanism can enhance cross-border connectivity among Eurasian countries, contingent on intergovernmental agreements and investment sourcing.
Water and energy
The report advocates for a regional approach to managing water and energy resources in the Aral Sea basin, emphasizing effective regulation principles and modernization of regional institutions.
Tripartite cooperation among Kazakhstan, China, and Russia in the Yertis basin is proposed to address water management challenges and promote environmental sustainability.
The development of cross-border power transmission lines promises to eliminate the emerging seasonal deficits of electricity in some countries while effectively redistributing surplus electricity generation in others.
Food logistics
Prioritizing the development of the International North-South Transport Corridor for food logistics entails enhancing transport infrastructure, logistics capabilities and harmonizing transportation procedures to facilitate smoother trade flows.
Trade
The report underscores the importance of free trade agreements with developing economies to bolster trade and investment within Eurasia. Strategies involve broadening sectoral cooperation and incorporating services and investment in agreements.
Finance
Efforts towards technical compatibility among central bank digital currencies are highlighted to reduce dependency on international payment infrastructure and establish innovative trade and financial mechanisms.
Strengthening cooperation among multilateral development banks is proposed to leverage investments in infrastructure projects and enhance technical assistance effectiveness.
The report suggests introducing a multilateral green finance mechanism for Eurasian countries to promote sustainable development initiatives.
Academic mobility
A large-scale academic mobility program is recommended to facilitate short-term studies, train qualified personnel, and foster educational exchange within Eurasia.
