Pakistan government makes an unprecedented offer to the ECO States: Report

Pakistan government makes an unprecedented offer to the ECO States: Report

KARACHI - Pakistan government would extend all possible support and facilitation to the ECO member countries for making this block as a strong economic corridor of the world. ” Here, I am speaking on behalf of my Prime Minister Imran Khan, Governor Sindh Imran Ismail said.

I assure you, the Prime Minister is committed to make every effort for the unity and prosperity of Muslim Umah,” the Governor said while addressing the delegates from Economic Cooperation Organisation (ECO) countries attending 27th Executive Committee meeting of ECO-Chamber of Commerce and Industry, here at Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

He urged for developing significant trade and investment ties,technological transfers among ECO member countries.

The ECO counties , as an economic block, through a combined strategy would easily meet the figure of European Union trade. In this present global era, becoming economically strong was a must for the strong defense.

He said that Pakistan was ready to give tax discounts, and many other incentives and facilities for the promotion of trade and investment among the ECO countries.

The Governor said that trade has been a major driver of the economic development and private sector has always assumed leading role in boosting economic activities in national, regional and global economies.

He stated that ECO Countries possesses huge natural and human resources and their joint potentials are more than the European countries.

He invited all the member countries for joint ventures investments in Pakistan and expansion of trade with Pakistan.

The 27th Executive Committee meeting of ECO Chambers of Commerce and Industry (ECO-CCI)’s inaugural session was also attended President ECO-CCI, Azarakhsh Haifizi, President FPCCI Engr. Daroo Khan Achakazai and Vice President Turkish Chamber of Commerce and Industry (TOBB) Selcuk Ozturk, the representatives of the member chambers of commerce and industry, and trade mission of ECO countries.

Welcoming the delegates, President FPCCI, Engr. Daroo Khan Achkazai emphasized on promotion of mutual trade and investment among the ECO countries. He also highlighted intra ECO tariff and non-tariff related issues and their contribution in regional trade.

He said the member countries of the ECO still relied heavily on industrialized economies for their exports and imports.

He stressed on the implementation of ECO Trade Agreement (ECOTA) and ECO Visa and White Card Scheme for protection and promotion of investment.

President ECO-CCI, Azarakhsh Haifizi emphasized on developing unity among member countries for enhancing trade and other ties.

He also urged for barter and cross-border trade relations among the countries.

Vice President TOBB, Selcuk Ozturk stressed on the importance of the ratification and implementation of ECOTA to increase the respective countries wealth , intra-regional trade and consequently their share in the world trade. He also underlined the importance to remove the barriers to trade and enhancement of intra-regional cooperation to increase the level of trade.

He stated that the global order has been going through a drastic change where almost all of the economic and political developments are being shaped around the ECO region in this aspect, he stressed upon the importance of evaluating this process of change and increasing our cooperation in order to benefit from it.

Iranian Representative said the ECO member states were of such very significant characteristics in terms of rich natural and human resources can expand their collaborations in all areas. He underlined the need to increase cooperation in health, tourism, education and energy sectors.

He said that lack of bilateral Preferential Trade Agreements (PTAs) among the member states as well as non-implementation of the ECO Trade Agreement (ECOTA) were the major reasons for the low intra ECO trade.

Prior to the Executive Committee meeting, the Specialized committee meeting of trade facilitation and Industry, Investment and SMEs promotion was held wherein the ECO investment conference, promotion of halal Industry, harmonization of visa regime, problems related to SMEs, promotion of barter trade and opening of border gates, implementation of ECO trade transit agreement, holding of ECO trade facilitation agreement, ECO trade fairs were discussed in detail.

The reports of the Specialized Committee meeting were also adopted and it was decided that the next Statutory and Specialized Committee meetings of ECO-CCI will be held at Turkmenistan.