FPCCI to seek ways for boosting trade in ECO CCI conference

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Zubair Tufail on Wednesday left for Ankara to attend the Economic Cooperation Organization (ECO) Chamber of Commerce and Industry conference, a statement said.

A 10-member delegation, including vice presidents of the apex chamber is also accompanying the FPCCI president to participate in the 23rd executive committee meeting of the ECO Chamber, which will be held on November 17 in Ankara.

The event, which is being hosted in cooperation with the Union Chamber of Commerce and Industry of Turkey (TOBB), which will be attended by all the federal chambers of commerce of the member countries, the statement said.

Pakistan, Iran, Turkey, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan are members of the ECO CCI. The executive committee meeting will review the existing intra-trade and its expansion under ECO Vision 2025, investment opportunities in the ECO region, ECO trade facilitation, transport, visa facilitation, tourism etc.

The intra-trade of ECO member countries is only $48 billion, while the trade volume of this region with other countries is $625 billion, which is 1.9 percent of the total international world, it said.

Before leaving, the FPCCI president said the lack of banking channels and visa restrictions are hampering intra-regional trade. The issues stagnating the growth of inter-regional trade should be resolved, while member countries should lift all the trade barriers, he added.