ECOCCI For Implementation Of ECO Visa Sticker Scheme

President ECO CCI and FPCCI , Zubair F. Tufail has emphasized on strengthening the economic relations in the ECO region for the benefit of the member states

KARACHI, (UrduPoint / Pakistan Point News - 21st Nov, 2017 ) :President ECO CCI and FPCCI , Zubair F. Tufail has emphasized on strengthening the economic relations in the ECO region for the benefit of the member states.

He underlined the need for addressing the root causes of lower intra-regional trade and investment, removal of trade barriers, harmonization in trade and investment regulations, and gradual integration of the member states economies, development of transport and communication, effective infrastructure linking in the region and outside the world, said statement issued by Federation of Pakistan of Pakistan Chambers of Commerce and Industry here on Tuesday.

FPCCI President was chairing the inauguration session of the 23 Executive Committee Meeting of ECO Chamber of Commerce and Industry (ECO- CCI) in Ankara, Turkey. He stressed the need of early implementation of ECO Vision-2025 which was approved in the last ECO summit held at Islamabad to double the trade in the region in next three to five years.

He expressed his concern on the low volume of intra-trade of ECO, which stood only at Dollars 48 billion. It did not reflect the harmony and friendly relations among the ECO countries. The total trade of this region with the rest of the world was only dollars 625 billion.

He also showed exception to the low inflow of Foreign Direct Investment (FDI) in the ECO region , which was merely $ 36.5 billion equivalent to 2.1% 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 , investment, industrialization, tourism, arbitration, banking facilities and empowerment of women entrepreneurship.

Minister of Development of Turkey Lutfi ELVAN, and Minister of Custom and Trade of Turkey 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.

Rifat Hisarciklioglu,President TOBB, President ICCIMA, Hussein Shafeiee, Vice President ECO-CCI from Afghan CCI Azarakhus Hafizi and the Deputy Secretary General of ECO Secretariat Kanan Nazarov also spoke.

They urged for sharing experiences amongst the ECO countries. The other representatives from Turkish Ministries attended the meeting included Aylin Bebekolu, Ministry of Economy of Turkey, Mehmet Ali Oran - Ministry of Customs and Trade of Turkey, Mustafa Adil Sayar, Ministry of Development of Turkey.

The meeting was also attended by a large number of participants from ECO member chambers including Pakistan, Iran, Turkey, Afghanistan, Azerbaijan, Tajikistan and Kyrgyzstan and the diplomats of Pakistan, Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Iran.

Before the Executive Committee, the meetings of Specialized Committees on Arbitration, Transportation, ECOTA, Tourism, Trade and Investment, Business Rating Program and two workshops on women entrepreneurs and tourism in ECO region were organized by ECO Chamber of Commerce and Industry (ECO-CCI) in collaboration with the Union of Chambers of Commodity Exchanges of Turkey (TOBB).

The women web-portal developed by Pakistan side was also approved in the Women Council meeting which was linked with the ECOCCI website.