• Pakistan has initiated a consultative process to join the CAREC CATS project.
• The CATS project aims to simplify and standardize current transit documentation.
• The CAREC Program has mobilized $41 billion in investments since its establishment in 2001.

Pakistan Initiates a consultative process to join the Central Asian Regional Economic (CAREC) CATS Project.

The initiative’s objective is to simplify and standardize current transit documentation, establish a unified electronic messaging system, and offer a modern, cost-effective guarantee mechanism that incentivizes compliant traders.

The forthcoming system will be in line with the EU’s New Computerized Transit System and will facilitate multi-modal transit trade between Asia and Europe. A kick-off meeting was recently conducted, indicating a consensus among relevant departments and ministries for Pakistan to join CATS.

The main goals of CATS are to improve supply chain security in the CAREC region, facilitate smoother and more efficient trade flows across borders, and reduce trade costs.

The CAREC Program is a collaborative effort between 11 countries and development partners aimed at promoting development through cooperation. The program focuses on fostering economic growth and reducing poverty in the region.

The CAREC Program is guided by the vision of “Good Neighbors, Good Partners, and Good Prospects.” It takes an active role in facilitating practical regional projects and policy initiatives that are crucial for sustainable economic growth and shared prosperity in the region.

Since its establishment in 2001 until December 2021, CAREC has mobilized $41 billion in investments. These investments have contributed to the development of multimodal transportation networks, enhanced energy trade and security, facilitated the movement of people and goods, and laid the foundation for the development of economic corridors.

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The expanded CAREC 2030 framework offers development partners the opportunity to collaborate with the region across five operational clusters: Economic and Financial Stability, Trade, Tourism, and Economic Corridors, Infrastructure and Economic Connectivity, Agriculture and Water, and Human Development. Development partners can engage in policy and capacity-building support, as well as investment projects, within these clusters.

Both existing and new development partners have the opportunity to take on leadership roles in different areas, sectors, and subsectors within the CAREC framework. They can leverage their comparative advantages to drive innovation and incubate new ideas and projects.