ANKARA, 26 December 2015: The need for further
intensification of mutual trade and economic cooperation within the framework
of Economic Cooperation Organization (ECO) was strongly emphasized at a key ECO
businessmen moot in Ankara. All the noted speakers attending the 20th Executive
Committee and 14th General Assembly meetings of ECO Chamber of Commerce
& Industry (ECO-CCI), held in Ankara from 21-23 December 2015, echoed the
same message.
The meetings were hosted by Turkey’s Union of Chambers and
Commodity Exchanges (TOBB). The President of the Federation Pakistan
Chambers of Commerce and Industry (FPCCI), Mian Muhammad Adrees, and also the
current President of ECO-CCI, participated in the meetings at the head of an
8-member delegation from Pakistan.
The meetings were also attended by envoys of ECO member countries.
Pakistan’s Ambassador to Turkey Sohail Mahmood was also present.
Delivering his inaugural remarks, TOBB President Rifat
Hisarciklioğlu underlined the need for urgent steps by ECO countries to seize
the historic opportunity before them to upgrade their position in global
development. Among other things, he stressed that ECO must focus on increasing
intra-regional trade, evolving an appropriate arbitration mechanism to enhance
business confidence, harmonizing customs procedures, and instituting measures
to build connectivity through road and rail networks. He also congratulated
Pakistan on its recent accession to TIR Convention.
In his address as the President of ECO-CCI, Mian Muhammad Adrees
appreciated the high level of participation in this year’s meetings and also
highlighted FPCCI’s efforts for promoting increased connectivity including
through early operationalization of ECO Container Train as well as
implementation of the TIR Convention. Mian Adrees noted that the ECO region had
yet to achieve its full economic potential and lagged far behind when compared
to other regional economic blocs such as EU and NAFTA. As such, there was an
imperative need for ECO member countries to remove impediments in the way of increased
trade, simplify customs and visa procedures, and take other requisite steps for
greater economic integration of the region.
Emphasizing the historical, cultural and religious commonalities
as well as economic complementarities among ECO member states, Mian Adrees
suggested that ECO members could collaborate in energy and power, textiles,
agriculture, construction and automotive sectors. He urged member countries to
increase intra-regional trade by focusing inter alia on the
implementation of ECO Trade Agreement (ECOTA), establishment of customs union,
signing of Bilateral Investment Treaties (BITs), linking of proposed Gwadar
Kashgar motorways, and harmonization in business and financial regulations.
The ECO Secretary General, Ambassador Halil Ibrahim Akca, in his
address on the occasion described trade promotion as a major priority for ECO.
Noting that the ECO-CCI was an important institution, the Secretary General
stressed that the ECO businessmen should intervene in the process as much as
possible because more support and greater contributions were expected of them.
He also highlighted the critical role of SMEs in increasing economic
development in the region.
Turkey’s Minister for Development Cevdet Yilmaz, in his
address as the chief guest, stated that the ECO region had a strategic location
and, as such, a strategic role to play. The focus of economic activity was
shifting from west to east and the emerging economies of Asia would become even
more important. Given its low level of intra-regional trade, ECO had a huge
potential to improve. Along with setting good objectives, it was equally
important to ensure steady implementation including by identifying the means
and instruments to attain the goals.
Minister Cevdat Yilmaz urged member countries to take steps for
the earliest implementation of ECO Trade Agreement (ECOTA), which should
ultimately pave the way for an ECO free zone. Among other things, he called for
practical steps to deepen public and private sector collaboration, lift trade barriers,
simplify and modernize customs procedures, invest in physical and human
infrastructure, create hospitable environment for FDI inflow, enhance financial
collaboration, and craft a futuristic vision for 2025.
During the two-day meetings, various sessions were held focusing
on trade facilitation, transportation, tourism, arbitration, industry and
investment and recommendations were formulated.
On 24 December 2015, President ECO-CCI Mian Adrees also
participated in D-8 FCCI meeting held at TOBB in Ankara.
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