KARACHI
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has hailed the full-fledged membership status granted to Pakistan in the Shanghai Cooperation Organisation (SCO).
Chairman Regional Standing Committee of FPCCI Ahmad Jawad, in a statement here on Sunday, said the newly acquired status will have a positive impact on the national economy.
The relevance of SCO in the region, he said cannot be ignored as it has turned to be all the more vital for the transformation of OBOR into a game changer for the entire region.
The senior business leader said that consequent to SCO membership, Pakistan will be in a better position to bank on regional cooperation for coordinated handling of terrorism and extremism.
SCO, that covers a quarter of the entire planet’s population, he said, has enhanced its regional importance by emerging as a determinant of peace, security and efficient cooperation among its member and observer states.
Jawad emphasised that Pakistan’s newly acquired status of an SCO member will significantly strengthen the country’s position in the region and the world.
It will have a positive impact on several major issues pertaining to technical cooperation between Russia and Pakistan and on huge communication projects jointly undertaken with China, he said.
The FPCCI official said Pakistan is being provided with a fresh opportunity of economic growth particularly due to plans under way to connect the Silk Road Economic Belt with the Eurasian Economic Union.
The role of Pakistan in regional economy will definitely expand as Kashgar-Gwadar project between Islamabad and Beijing is part of the Silk Road belt, he elaborated.
Ahmad Jawad said Pakistan’s inclusion also holds tremendous potential provided the country played its cards with prudence, particularly in the context of dealing with its conventional development partners.
He specifically referred to United States and multilateral donors including the World Bank, International Monetary Fund and Asian Development Bank. The senior businessman reminded that there is a common perception about the US using these multilateral forums for global political gains.
The FPCCI official hoped that the admission of India as a full member of the SCO may lead to improved bilateral relations between Pakistan and India. He in this context suggested that SCO Chamber of Commerce and Industry (SCOCCI) may be formed to increase the trade and investment volume among the member countries.
