The inaugural meeting of the CAREC Chambers Alliance was held in Ulaanbaatar, with the Mongolian National Chamber of Commerce and Industry (MNCCI) serving as Chair in 2026 and Pakistan serving as Vice Chair.

During the meeting, participants signed the inaugural meeting protocol and discussed the Alliance’s future areas of cooperation, including strengthening regional business cooperation and promoting trade and investment.

The Memorandum of Understanding on the establishment of the CAREC Chambers Alliance was signed on September 30, 2026.

The meeting was opened by B. Lkhagvajav, President of the Mongolian National Chamber of Commerce and Industry, while I. Batkhuu, State Secretary of the Ministry of Economy and Development, attended and delivered remarks.

In his remarks, MNCCI President B. Lkhagvajav emphasized the importance of turning private-sector cooperation among CAREC countries into tangible results. He highlighted the need to develop transport and logistics corridors, reduce trade barriers, enhance business competitiveness, and expand export and technology cooperation.

“We need an alliance that goes beyond exchanging views—one that develops solutions and delivers tangible results,” he said, emphasizing the importance of jointly identifying and addressing trade barriers related to border crossings, customs, standards, and permits. He also noted that the efficiency of transport and logistics should be measured by how quickly, cost-effectively, and reliably goods can reach markets.

The CAREC Chambers Alliance brings together national chambers and leading business associations from the region to strengthen private-sector participation and align it with the CAREC Program. The Alliance will facilitate the exchange of market information and business experience, as well as business meetings, trade exhibitions, and business delegation visits.

The Central Asia Regional Economic Cooperation (CAREC) Program was established in 2001, with the Asian Development Bank serving as its Secretariat. The program comprises 11 member countries: Afghanistan, Azerbaijan, the People’s Republic of China, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. Mongolia joined the CAREC Program in 2002, and 2026 marks the 25th anniversary of CAREC.

In 2025, Mongolia’s total trade with CAREC partner countries amounted to USD 18.75 billion, of which 99.36% was trade with the People’s Republic of China, highlighting both the potential and the need to expand trade and investment relations with other markets in the region.

As part of the 25th anniversary activities, the Ministerial Conference, Development Partners’ Dialogue, CAREC Business Forum, and Capital Market Development Forum are being held in Ulaanbaatar from September 28 to October 2.