ECO Geo-economic advantage being wasted: FPCCI

FPCCI Chief Mr. Irfan Iqbal Sheikh has expressed his profound concerns that ECO has failed to capitalize on the extraordinary geo-economic potential for regional trade, investments and joint ventures. He was addressing the 19th General Assembly of the Economic Coordination Organization’s Chamber of Commerce & Industry (ECO-CCI).

Mr. Irfan Iqbal Sheikh maintained that intra-regional trade in geographically contiguous countries and economic blocs go up to 75% globally; but, in case of ECO it has been limited to merely 9% which is grossly insufficient. He emphasized that all the member countries are missing out the enormous economic potential of ECO.

FPCCI Chief said that it is pertinent to note that only Pakistan, Iran and Turkey account for the 94% of the trade between the economic bloc of ECO and that further elaborates the lack of trade and economic cooperation among the member countries.

FPCCI has called for an effective implementation of Economic Cooperation Organization Trade Agreement (ECOTA) to start the journey towards the realization of true trade potential to reap the economic benefits for the member states and creating shares prosperities for their populations.

The 19th General Assembly of ECO-CCI has appointed Dr. Mohammad Reza Karbasi as their Secretary General; who is currently the Secretary General of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

Mr. GholamhosseinShafaei, President ECO-CCI, said that ECO should promote business & economic tourism through ECO Visa Stickers; encouraging cooperation in SMEs; broadening e-commerce & digitalization adoption and embracingland-based transportation& logistics for faster and cheaper trade routes.

Mr. Irfan Iqbal Sheikh also acknowledged the efforts of the outgoing Secretary General of ECO-CCI, Mr. Adem Kula of The Union of Chambers & Commodity Exchanges of Turkey (TOBB) for enthusiastically and proficiently managing the affairs of the organization during the testing times of COVID-19; and, keeping the apex chambers of the member countries connected and cooperate indefatigably.

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