Importance of ECO block increased manifold: FPCCI

President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Abdul Rauf Alam on Monday said Economic Co-operation Organisation (ECO) countries have great potential and the importance of this block has increased manifold in the current set of circumstances. He said "We will try our best to make this block vibrant while government of the related countries should also play their role for the sake of rapid development which will reduce poverty and conflicts."
President FPCCI Abdul Rauf Alam who is also President of the ECO Chamber of Commerce said this while speaking at the ECO Day at FPCCI Capital House. Ambassadors and diplomats of ECO countries, senior leader of UBG Senator Abdul Haseeb Khan, VP FPCCI Zafar Bakhtwari, Chief Coordinator FPCCI Malik Sohail and others were also present on the occasion. Rauf Alam said AJK and China should be given Observer status in the ECO while decisions taken during different meetings should be implemented.
He said the group could become effective if the issues pertaining to transport and security issues were resolved. "Now the world has abandoned forging political and military alliances and they are preferring economic alliances over other coalitions," he added. He said EU, CPEC, IPI, TAPI, CASA 1000, NAFTA, Asian etc proved the importance of such alliances.
Over seven percent of the global population lives in ECO countries covering an area of eight million square kilometre and a combined GDP of almost two trillion dollars and 436 million population but it is not united despite common cultural and religious heritage. The grouping consists of countries which are least connected while bilateral trade is hardly seven percent therefore all the countries should shun differences and join hands to fulfil shared aim of prosperity.
He called upon the Ambassadors to push their governments for quick trade facilitation measures, removal of distortions and doubts, creation of an encouraging environment for foreign investors, initiate market-oriented reforms and promote outward development strategies which would open opportunities for unlimited prosperity. The economic blocks that preferred trade over politics had progressed with an amazing speed, said Rauf Alam.