The Second Forum of Central Asian Regional Economic Cooperation Capital Market Regulators was held

The Second Forum of Central Asian Regional Economic Cooperation Capital Market Regulators was held

On October 31, Almaty hosted the Second Forum of Central Asian Regional Economic Cooperation Capital Market Regulators. The event was attended by representatives of regulators from 10 CAREC member countries, including Azerbaijan, the People's Republic of China, Georgia, the Kyrgyz Republic, Pakistan, Mongolia, Tajikistan, Turkmenistan, Uzbekistan and Kazakhstan.

In her welcoming speech, Ms. Xiaohong Yang, Deputy Director General of the Asian Development Bank, stressed the importance of interaction between regulators and mutual integration of capital markets, which is an integral component of the development of global financial systems.

"CAREC will promote policy dialogue and regional exchange of experience in the field of macroeconomic policy coordination, including the development of appropriate countercyclical policy responses at the regional level during periods of economic crisis," said Maria Khadzhieva, Deputy Chairman of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

Kazakhstan today actively interacts with various partner countries within the Eurasian space within the framework of participation in international organizations of the CIS and EurAsEC and recognizes the importance of economic ties with neighboring countries that are not members of CAREC.

Modernization and standardization of banking supervision, and stimulating reforms of capital markets also play a crucial role in establishing closer financial cooperation between the CAREC countries.

The CAREC platform fulfills the needs of national regulators in the exchange of data, analytics, and the development of general practices in accordance with international standards, including IOSCO standards.

Within the framework of the forum, initiatives for the development of regional cooperation of capital markets, innovations in the infrastructure of capital markets for effective regional cooperation and their role in financing climate-relevant activities and ensuring sustainable development were considered.

"Such a forum can also allow the formation of common regulatory frameworks, measures to eliminate obstacles to cross-border transactions, and will also give a new vector for the development of the CAREC capital market," Maria Khadzhieva summed up.

 

External Communications Division

+7 (727) 237 1089, press@finreg.kz