close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
October 23, 2020

FPCCI for accord implementation to promote intraregional trade

Business

October 23, 2020

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday called for early implementation of trade agreement among the Economic Cooperation Organization (ECO) member countries to improve intraregional trade and investments.

“Intra ECO tariff- and non-tariff issues are hampering the trade and investment opportunities in the region,” Anjum Nisar, president of FPCCI said, addressing the 28th executive committee and general assembly meetings of ECO Chamber of Commerce and Industry (CC) through a video link.

Nisar called upon the ECO member countries for implementation of transit trade agreement, agreement on protection and promotion of investment, ECO visa and white card scheme and TIR conventions – a treaty to simplify administrative issues in international transport of goods – for development of border trade, knowledge sharing and transfer of technology.

During the meeting, the presidency of ECO-CCI was handed over to Iran Chamber of Commerce, Industry, Mines and Agriculture and vice presidency to Azerbaijan Chamber of Commerce and Industry.

Amjad Rafi, chairman of National Committee of ECO-CCI (Pakistan Chapter) also emphasised early implementation of ECO trade agreement, which was signed in 2008 and issuance of visa stickers to bonafide businessmen for easy travel as in the case of South Asian businesses.

Gholam Hussein Shafeiee, vice president of ECO-CCI underscored the need to increase cooperation in health, tourism, education, petro chemical, gas and energy sector.

Shafeiee said lack of bilateral preferential trade agreements among the member states as well as non-implementation of the ECO trade agreement are of the major reasons for the low intra ECO trade.

Azarakhsh Haifizi, president of ECO-CCI urged barter and cross-border trade relations among the countries.

Haifizi said there is a need of developing unity, integration, trade harmonisation, movement of investment, business relations, facilitation of capital movement and exchange of business delegation among member countries for enhancing trade and other ties.

Hadi Soleimanpur, secretary general of ECO secretariat also updated the participants about the measures taken at government levels for the promotion of bilateral relations. He suggested for creation a task force at the ECO-CCI level for analysing the trade opportunities, production

gap, supply chain issues and trade facilitation.

Rifat Hisarciklioglu, president of a Turkish trade body said trade has been a major driver of the economic development and private sector has always assumed leading role in boosting economic activities in national, regional and global economies.

He urged for developing significant trade and investment ties, liberalisation of movement of goods and services, technological transfers and development of mechanism for dispute resolution among ECO member countries. “ECO countries possess one-third of world natural resources, which need to be utilised for economic prosperity and joint ventures.”