ECO primed to make momentous advancement: PM Nawaz

ISLAMABAD: Prime Minister Nawaz Sharif Wednesday said that it was high time for the member states of the Economic Cooperation Organization (ECO) to make momentous advancement through better cooperation.

“I believe that the ECO’s time has truly come. It is primed to make momentous advancement. There has never been a more opportune time to realize our dream of `Connectivity for Regional Prosperity’,” he said while addressing the inaugural session of 13th ECO Summit being hosted by Pakistan.

With eight heads of state and government present in the Summit, all the 10 ECO member states including Pakistan, Iran, Azerbaijan, Turkey, Afghanistan, Tajikistan, Kazakhstan, Turkmenistan, Kyrgyzstan and Uzbekistan were participating in the Summit.

Prime Minister Sharif, who was earlier elected Chairman of the 13th ECO Summit, said Pakistan had the location, political stability, and, now increasingly, the physical infrastructure to achieve our common vision for making ECO a powerful economic bloc and an engine of growth.

Prime Minister Sharif said as 13th Summit marked the 25th anniversary of the Organization’s expansion, it was a welcome occasion for them to renew their commitment to the ECO’s founding principles and ideals.

“At its heart, the ECO has always subscribed to a people-centric agenda. At this Summit, we want to focus on greater connectivity and trade linkages amongst our countries, in order to deliver progress to the people of the ECO region,” he added.

The prime minister said the ECO region was not an insignificant geographical area, adding, “it represents a vast expanse of territory that is home to nearly a sixth of all humanity.”

“Though the region has enormous potential, and accounts for 16% of the world’s population, we generate only 2% of the world’s trade. And, trade within the ECO region is a small fraction of our trade with the rest of the world,” he noted.

The prime minister said, “these numbers are not commensurate with what we could achieve through greater integration and connectivity. They are also at variance with our rich historical legacy.”

“This region was once synonymous with the fabled “Silk Road.” It was a melting pot of civilizations; a conduit for trade and commerce, as well as a corridor for culture and ideas. We are the proud heirs of Al-Beruni, Farabi, Saadi, Rumi and Iqbal, to name just a few of our glorious ancestors,” he added.

The PM said, “it is now time for us to reclaim our historic role as Asia’s center of economic and trade activity. Thus the theme of this Summit, “Connectivity for Regional Prosperity”, is both inspired by our shared past and evidence of our commitment to a future of shared prosperity.”

He said the ECO could be an example of regional cooperation, which touched upon and enriched the lives of our peoples. “What makes the theme especially relevant is that more countries in the region are already making large investments in connectivity projects.”

PM Nawaz said Central Asia was fast emerging as a Trans-Eurasian land bridge, adding, oil and gas pipelines across deserts and mountains were linking their markets, while railroad networks were harbingers of their commitment to connectivity.

“But we can and should achieve even more, by pooling together our individual efforts for greater synergy. The whole is always greater than the sum of its parts,” he added.

The prime minister expressed his belief that the ECO’s time had truly come. “It was primed to make momentous advancement. There has never been a more opportune time to realize our dream of “Connectivity for Regional Prosperity,” he added.

Prime Minister Nawaz Sharif said since assuming office in 2013, it had been the aim of his government to pursue a policy of “peaceful neighbourhood.”

“Our vision of “peace for development” has consistently guided our efforts, to help create a conducive environment in which we can all achieve our true economic and development potential,” he added.

The prime minister said peaceful settlement of longstanding disputes would go a long way in advancing this noble goal. “There is little doubt that as we find ways to strengthen mutual cooperation, we would be experiencing shared prosperity,” he added.

The prime minister said enhancing trade and promoting transport connectivity in the region and beyond, were at the core of their vision.

“Perhaps no project better symbolizes Pakistan’s conception of win-win cooperation through connectivity, than the China-Pakistan Economic Corridor. It is gratifying that the CPEC is now being recognized as a catalyst for energy infrastructure, transport connectivity and trade in the whole of South and Central Asia,” he added.

“And why stop at just energy, or transport, or trade? We can and we must strive for loftier goals. Cooperation across a vast spectrum of areas – in agriculture, in culture, in education, and in science and technology – should all be on our agenda. After all, the Silk Road provided a medium for exchange of knowledge, as much as of goods,” the prime minister stressed.

Nawaz Sharif said that Pakistan’s strategic location at the crossroads of the Middle East has always been prized for South Asia, Central Asia and its economic potential, adding, “The current performance of Pakistan’s economy is living up to its promise.”

He said that Pakistan’s economy has come to be acknowledged as one of the great success stories of recent years by global financial institutions and observers.

“Last year, Pakistan had the best performing stock market in South Asia and the fifth best in the world. Our economic indicators are up and pointing in the right direction. Inflation is low and GDP growth has been robust,” he added.

The PM said, “Pakistan not only boasts a consumer market of 200 million people, with a large and growing middle class, we will soon be providing easier, quicker and cheaper physical access to markets in the Middle East, Africa and Europe.”

“But returning to the theme of this Summit, Pakistan has the location, the political stability, and, now increasingly, the physical infrastructure to achieve our common vision for making ECO a powerful economic bloc and an engine of growth,” he said.

“To that end, we need to work on streamlining our institutional mechanisms. The ECO Trade Agreement needs to be operationalized, while respecting and accommodating each Member State’s interests and concerns,” he added.

Prime Minister Sharif said meaningful trade in the region cannot take place without better cooperation on transport infrastructure among member states.

“The existence of efficient trade, transit and transport corridors across the region will guarantee economic development and prosperity of our people,” he added.

Nawaz Sharif said the adoption of Islamabad Declaration and the ECO Vision 2025 during this summit would reflect the consensus and resolve of ECO member states to collectively take on the contemporary economic challenges.

“Sustained focus on the key areas identified in the Islamabad Declaration namely trade, transport and energy can lead to transformative change across the region,” he added.

The prime minister said Vision 2025 provided a realistic and achievable roadmap for accelerating economic integration that worked to the common good of all our people.

“Let us all strive towards transforming ECO’s enormous potential into reality. It is up to us to seize this historic opportunity and make this region a citadel of peace, progress and prosperity,” he stressed.

The prime minister said it was an honour for Pakistan to host the 13th Summit of the ECO and to assume the chair of this important regional organization.

He appreciated President Ilham Aliyev of Azerbaijan for ably steering the ECO since the 2012 Summit in Baku.

The prime minister also thanked Secretary General ECO Halil Ibrahim Acka and the entire ECO Secretariat, for the support they had extended in making this summit a success.

“I also wish to express my gratitude to our special guests from the People’s Republic of China and the United Nations. The choice of our Special Guests has direct salience to the theme of this Summit,” he added.

“Once again, I welcome our honourable guests to Islamabad and wish them a productive and pleasant stay,” the premier concluded.