KARACHI: The 25th Executive Committee and Specialized Committees Meetings of ECO Chamber of Commerce and Industry (ECO-CCI) were successfully held in Tashkent, Uzbekistan with participation of nine members’ countries.
The Meetings were hosted by Uzbekistan Chamber of Commerce and Industry. It is the first time in history that the statutory meetings of ECO-CCI held in any non-founding members country. The meetings were also attended by Government officials of Uzbekistan, ECO Secretariat Cooperation Council of Turkic speaking States, Foreign Missions of ECO Countries in Tashkent, Uzbekistan.
During the meetings, the Representatives of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) emphasized on the sustainable development, cooperation, promotion of mutual trade and investment among ECO countries. FPCCI highlighted the intra-ECO trade related issues and their contribution in regional integration.
At present, the intra-ECO trade is 7 to 8 percent in total trade of ECO region. FPCCI urged all the member states particularly Pakistan, Turkey, Iran, Afghanistan and Kazakhstan for taking significant and effective measures for the enhancement of intra-regional trade as these nations contributes 94 percent in trade of ECO region. FPCCI also stressed the member nations for early implementation of ECOTA (a preferential trade agreement), Agreement on Protection and Promotion of Investment (APPI), ECO Transit Trade Agreement, ECO Trade Facilitation Agreement, ITI and KTAI train, Iran Pakistan Gas pipeline, ECO Joint Stock market, ECO Visa sticker scheme etc. Economic relations in the ECO region should be strengthened through isolation of 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.
Prior to the Executive Committee Meeting, the Specialized Committee Meetings of Trade Facilitation, Industry, Investment and SMEs Promotion, Arbitration, Tourism, Transportation, Women Entrepreneur Council were held whose reports were adopted in Executive Committee meeting and Specialized Committees meetings discussed issues related to establishment of ECO Arbitration center, holding of investment promotions related activities, problems relating to SMEs sector, establishment of ECO Investment Web portal, ECO tourism strategy, simplification and harmonization of visa procedure and custom rules, financial rules and regulation, implementation of ECO Trade facilitation agreement, holding of ECO Business Forum, ECO Trade Fair, ECO women exhibition and Web portal.
During the meetings, the members chambers of ECO emphasized on the increasing cooperation in the region and stressed on the development of the energy and trade corridors between Asia and Europe for transportation of oil and natural gas resources as the trade of ECO region share in global trade is just 2 percent while in population the share is 6 percent which indicates that ECO region is utilizing one third of its potential. The house also emphasized on the implementation of ECO Vision 2025 and achievements of targets related to trade, investment, energy and other sectors.
On the sideline of meetings, a special session on Chambers’ Presentation & Recent Development in the Chambers Systems were held wherein all members chambers of commerce and Industry gave presentation on their chamber’s structure, services and activities and highlighted key challenges that their private sector will face in forthcoming years and how they can make collaboration in SMES sector of members nation.
During the meetings, Uzbekistan Chamber of Commerce and Industry also invited the member countries to participate in the International Festival of Handicraft to be held in Kokand City Uzbekistan in September 2019.
The house appreciated the performance of Pakistan Chapter i.e. FPCCI for their outstanding work and efforts for successful holding of statutory meetings. The next General Assembly and Executive Committee Meetings will be held in Turkey by April 2019.