ISLAMABAD: The 14th Economic Cooperation Organization (ECO) Summit has been cancelled due to the refusal of Azerbaijan, Turkmenistan, Turkey and Iran.
The two days 14th ECO Summit was scheduled to be held in Islamabad on January 23 and 24.
Matters related to the enhancement of trade were to be discussed during the summit.
Currently, the trade volume of ECO member countries stands at $60 billion and it was decided in the 28th meeting of the Regional Planning Council (RPC) of ECO that member countries will take measures to double the existing trade volume.
The ECO Summit in its last meeting agreed to establish ECO Reinsurance Company in Karachi and to prepare anti-smuggling database in Ankara to check the illegal cross-border transportation of goods.
However, articles of agreement of the above-mentioned company is awaiting reification by Turkey while Pakistan and Iran have already done the needful at their ends.
As per the initial agreement, the establishment of ECO Trade and Development Bank in Istanbul and ECO Reinsurance Company in Karachi were to take place at the same time.
ECO bank was established in the year 2005 in Istanbul after the ratification of the articles of agreement by Pakistan, Iran and Turkey.
According to information, the member countries had to deliberate on connectivity, trade, energy, tourism, investment, industry, economic growth, productivity, social welfare and environment matters.
Furthermore, initiatives for improving education and scientific linkages, cultural and people-to-people contacts within the ECO were also on agenda.
Other countries who are part of the ECO include Afghanistan, Iran, Kazakhstan, Kyrgyz Republic, Republic of Tajikistan and Republic of Uzbekistan.
Pakistan had hosted the 13th ECO Summit in Islamabad in the last week of February 2017.
