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THE ROLE OF TRADE AND ECONOMIC INTEGRATION IN THE DEVELOPMENT OF CENTRAL ASIA

Author (s)

Mirboboev R.M.

Abstract

The relevance of the topic is due to the fact that the countries of Central Asia have a huge economic potential, thanks to which their trade and economic integration will improve and strengthen in future. CAREC-2030 Program has an important role in the development of this integration, implemented with the help of the Asian Development Bank, which determines the program of economic cooperation of the participating countries in future until 2030. The Economic Cooperation Organization (ECO) was also created to integrate the countries of Central and South Asia. The ECO trade agreement contributed to the elimination of customs and visa barriers between countries that are members of the integration association, which led to the expansion of trade between member countries. The ECO trade agreement contributed to the elimination of customs and visa barriers between countries that are members of the integration association, which led to the expansion of trade between member countries. The trade and economic integration of the countries of Central Asia is facilitated by the construction of transport infrastructure. The article reviews the role of trade and economic integration in the development of the Central Asian region. Its scientific novelty is the identification of factors hindering the trade and economic integration of countries of the region: insufficient development of trade and transport infrastructure, difficulties in creating such infrastructure by the states of Central Asia, the need for foreign investment to solve this problem. Trade and economic integration of countries of the region, which have a common history, culture and geographical neighborhood, has favorable prospects for further development.

Keywords

integration; international trade; foreign investments; international finanel organizations; energy; minerals

References

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Publication date

Thursday, 15 June 2023