ECO CCI calls for early implementation of Visa Sticker Scheme for businessmen

KARACHI: 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, harmonisation in trade and investment regulations, and gradual integration of the member states’ economies, an official said on Tuesday.

Chairing the inauguration session of the 23 executive committee meeting of the ECO CCI, it President Zubair Tufail underlined the need of early implementation of ECO Vision 2025, which was approved during the last ECO summit held in Islamabad. The summit had envisaged to double the trade in the region in three to five years.
Tufail expressed concerns over low volume of intra-regional trade, and said the intra-ECO trade stands at $48 billion, which does not commensurate the harmony and friendly relations the ECO countries enjoy with each other, while the total trade of this region with the rest of the world is $625 billion, which is 1.9 percent of the total world trade. He lamented the foreign direct investment (FDI) inflows in the ECO region, which stood at $36.5 billion, or 2.1 percent of the global investment of $1.746 trillion.
The meeting also passed resolutions for improving regional economic development for enhancing cooperation among the ECO member states in transportation, trade and investment, industrialisation, tourism, arbitration, banking facilities and empowerment of women entrepreneurs. The simplification of visa regime also came under discussion and the house emphasised on early implementation of ECO Visa Exemption Stickers to the business community of the region, which will pave the way for promotion of trade and tourism.
It was also decided to expand the scope of trade and investment committee of the ECO CCI by encompassing the SME sector. Minister of Development of Turkey Lutfi ELVAN, and Minister of Custom and Trade of Turkey Bulent Tufenkci, jointly inaugurated the meeting and emphasised on the need to explore new economic avenues and cooperation in trade and investment.
Appreciating the role of ECO CCI for the enhancement of intra-trade, they said the ECO region have rich natural resources, which needed to be explored by regular interaction among the business community of the region.