The decisions of the 2023 SPECA Governing Council, the final document of the Economic Forum, changes to the Charter were adopted, and the work plan of the Program's working groups for 2024-2025 was approved at the 18th meeting of the Governing Council held within the SPECA week. Tajikistan has been elected as the next chairman of SPECA.

The 18th meeting of the Governing Council was held in Baku within the SPECA week.

Minister of Economy Mikayil Jabbarov emphasized at the opening of the meeting that Azerbaijan, which regained its independence 32 years ago, has become an active and dynamic member of the international community, including the UN, since that period. Touching on the importance of SPECA, chaired by Azerbaijan this year, the minister mentioned that the program has a comprehensive approach to the development of the region. It was reported that SPECA countries' lack of access to the ocean created the basis for further development of their transport infrastructure and trade relations. The importance of the Middle Corridor and the role of Azerbaijan as the main catalyst ensuring the efficiency and sustainability of the corridor have been evaluated in this regard. The shared values, rich resources, transport, logistics and alternative energy potential of the SPECA countries create a fertile ground for mutually beneficial economic and trade cooperation. In this context, the development of the digital economy is also important. Trade between Azerbaijan and SPECA countries is developing with increasing dynamics and investment cooperation is expanding. Azerbaijan has already created joint investment institutions with Uzbekistan and Kyrgyzstan. The establishment of joint investment funds with other member countries can contribute to the diversification of bilateral cooperation.

The minister informed about the socio-economic successes achieved by Azerbaijan. It was noted that, our gross domestic product has increased 4 times in the last 20 years, our budget revenues have increased more than 30 times, and our foreign trade turnover has increased more than 10 times. Currently, our foreign debt is around 10% of GDP. Azerbaijan's foreign exchange reserves exceed its foreign debt 10 times. A favorable investment environment has been created in the country not only for energy, but also for other sectors. Over the past 20 years, total investments have exceeded 300 billion US dollars, of which 190 billion dollars have been invested in the non-energy sector. At the same time, information was given in the new stage on the socio-economic priorities of the country, sustainable and innovative economic construction plans and taken steps were mentioned. It was reported that large-scale restoration and reconstruction works are being carried out in our liberated territories. So far, 7 billion US dollars have been spent from the state budget for these purposes. It is planned to allocate 2.4 billion US dollars for this purpose for 2024.

It was noted that the SPECA Summit of Heads of State will be held on the occasion of SPECA's 25th anniversary, and the issues discussed at the 18th meeting of the Governing Council are particularly important in this context.

The Minister of Economy emphasized that the discussions and decisions taken at the meeting will guide SPECA's course for the future period.

Minister of Economy and Commerce of the Kyrgyz Republic Daniyar Amangeldiyev, Minister of Economic Development and Trade of the Republic of Tajikistan Zavqi Zavqizoda, Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov, Deputy Minister of Finance and Economy of Turkmenistan Begmyrat Allakbayev, Vice Minister of National Economy of the Republic of Kazakhstan Abzal Abdikarimov, Executive Secretary of the UN Economic Commission for Europe Tatiana Molchan and her Deputy Dmitry Mariyasin, Deputy Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific countries Hirohito Toda, as well as the Minister of Foreign Affairs and Trade of Hungary, Peter Sziijártó, who participated in the event as an observer, emphasized at the meeting that the cooperation between the countries of the program is developing in various directions, the trade turnover is increasing, and the integration process between the countries of the region is accelerating. However, the importance of strengthening joint initiatives on transport-transit, digital transformation, "green" energy, elimination of the consequences of climate change, gender issues, sustainable development and other directions was pointed out.

The results of the 2023 SPECA Economic Forum, the holding of the SPECA Summit, the resolution of the UN General Assembly on SPECA, the SPECA Charter and other issues on the agenda were discussed at the event.

The decisions of the 2023 SPECA Governing Council, the final document of the Economic Forum, changes to the Charter were adopted, and the work plan of the Program's working groups for 2024-2025 was approved at the meeting. Tajikistan has been elected as the next chairman of SPECA.