4th India-Central Asia Dialogue

India-Central Asia Dialogue Emphasizes Financial Connectivity, Digital Payments, and Counter-Terrorism Cooperation

In a significant diplomatic development, India and Central Asian countries jointly underscored the need for greater financial connectivity, including the integration of digital payment systems, to boost regional economic cooperation. This was outlined in the Joint Statement issued after the 4th India-Central Asia Dialogue, held this afternoon in New Delhi under the chairmanship of India’s External Affairs Minister Dr. S. Jaishankar.

The high-level dialogue saw participation from the Foreign Ministers of Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.

The participating nations emphasized the importance of enhanced interbank relations and encouraged trade in national currencies as a measure to promote trade, investment, tourism, and people-to-people exchanges across the region. Recognizing the critical role of financial and banking linkages, the countries expressed a shared interest in establishing a Joint Working Group. This group will explore avenues to deepen banking and financial connectivity between India and Central Asian partners.

The Ministers unequivocally condemned the terrorist attack in Pahalgam and reaffirmed their strong commitment to combating terrorism in all its forms and manifestations. They emphasized that perpetrators, organizers, financiers, and sponsors of terrorist activities must be held accountable and brought to justice.

The statement called for the early adoption of the UN Comprehensive Convention on International Terrorism. Additionally, the Ministers stressed the need to strengthen UN-led global counter-terrorism cooperation and ensure full implementation of relevant United Nations Security Council (UNSC) resolutions, the UN Global Counter-Terrorism Strategy, and Financial Action Task Force (FATF) standards.

Boosting Regional Connectivity through INSTC

Another major focus of the dialogue was on enhancing transport and trade connectivity. The Ministers emphasized the optimal utilization of the International North-South Transport Corridor (INSTC) to strengthen links between India and Central Asian countries. They agreed that all connectivity initiatives should align with principles of transparency, broad participation, local priorities, and financial sustainability.

Key Takeaways:

• Digital payment systems and trade in national currencies prioritized for regional financial integration.

• Agreement to form a Joint Working Group on financial and banking connectivity.

• Strong condemnation of Pahalgam terrorist attack and unified call for global counter-terrorism action.

• Reaffirmed commitment to adopt the UN Comprehensive Convention on International Terrorism.

• Emphasis on INSTC for enhancing transport and trade links between India and Central Asia.