ANKARA: Economic Coordination Organisation (ECO) Chamber of Commerce and Industry (CCI) President Zubair Tufail has emphasised on the need to strengthen the economic relations in the ECO region through isolation of the root causes of lower intra-regional trade and investment.
Chairing the inauguration session of the 23rd Executive Committee Meeting of ECO CCI in Ankara, Turkey on Tuesday, Zubair Tufail underlined the need of early implementation of ECO Vision 2025 which was approved in the last ECO summit held at Islamabad envisaging to double the trade in the region in 3 to 5 years.
While speaking on the intra-regional trade, he expressed his concern on its low volume he said that the intra-trade of ECO stands to only $ 48 billion does not commensurate the harmony and friendly relations the ECO countries enjoy with each other while the total trade of this region with the rest of the world is only $ 625 billion which is only 1.9 per cent of the total world trade.
Zubair Tufail further lamented that the inflow of Foreign Direct Investment (FDI) in the ECO region also far from the satisfactory level which is mere $ 36.5 billion equivalent to 2.1 per cent of the global investment of $ 1.746 trillion.
The meeting also passed resolutions for improving regional economic development for enhancing cooperation amongst the ECO member states in transportation, trade and investment, industrialisation, tourism, arbitration, banking facilities and empowerment of women entrepreneurship.
The simplification of visa regime also came under discussion and the house emphasised on early implementation of ECO Visa Exemption Stickers to the business community of the region which will pave the way for promotion of trade and tourism. It was also decided to expand the scope of Trade and Investment Committee of ECO CCI by encompassing SME sector.
Development of Turkey Minister Lutfi ELVAN, and Custom and Trade of Turkey Minister Bulent Tufenkci, jointly inaugurated the Executive Committee meeting and addressed the gathering emphasizing on the need of exploring new economic avenues and cooperation in trade and investment.
While appreciating the role of ECO CCI for the enhancement of intra-trade they said the ECO Region had rich natural resources which needed to be explored by regular interaction amongst the business community of the region.
TOBB Turkey President M Rifat Hisarciklioglu, ICCIMA President Gholam Hussein Shafeiee, ECO-CCI from Afghan CCI Vice President Azarakhus Hafizi and ECO Secretariat Deputy Secretary-General Kanan Nazarov also addressed the meeting and asked for sharing experience amongst the ECO countries.
The other representatives from Turkish Ministries attended the meeting included Ministry of Economy of Turkey Aylin Bebekolu, Ministry of Customs and Trade of Turkey Mehmet Ali Oran, Ministry of Development of Turkey Mustafa Adil Sayar.
The meeting was also attended by a large number of participants from ECO member chambers and diplomats including Pakistan, Iran, Turkey, Afghanistan, Azerbaijan, Tajikistan, Kyrgyzstan Uzbekistan and Kazakhstan.
The women web-portal developed by Pakistan side was also approved in the Women Council meeting which is linked with the ECO-CCI website.
