Ahsan stresses improving regional connectivity to boost trade

ISLAMABAD: Minister for Planning, Development and Reforms, Ahsan Iqbal on Monday stressed the need for enhancing regional connectivity among the member states of Economic Coordination Organization (ECO) to maximize trade volume among the member states.

"Keeping in view the increasing connectivity across the world, the region requires greater collaboration to promote trade, development, peace and stability, however the people of ECO member states are still lacking direct road, rail and air links, and are facing problems in acquiring visas, which is fundamental requirement to enhancing trade," he said while inaugurating the four-day 28th meeting of ECO Regional Planning Council here.

He said the world is more connected now therefore "we need cooperation instead of confrontation." He said, "We need to promote road and railway connectivity and direct flights among the member states besides further facilitating visa regimes so that more and more people could visit each others country."

The minister said the ECO Summit held in Pakistan earlier this year had chalked out a vision 2025 for ECO member states under which it was agreed to increased regional trade by two folds by 2025.

Currently, he said the total trade volume among the member states is less than 9 per cent of the overall trade volume of the member states across the globe.

The minister also stressed the need for promoting cooperation in energy sectors saying that the Turkmenistan-Afghanistan-Pakistan-Iran (TAPI) gas pipeline project and Central Asia South Asia (CASA) energy project would also help in meeting the growing needs of electricity across the region.

Ahsan Iqbal said this region had also great potential to attract a large number of tourists from across the world for which he stressed for cooperation among the member states of ECO.

He also urged upon the member countries to work together on achieving Sustainable Development Goals set by the United Nations Organizations (UNO).

The minister said this conference will help exploring new ways of development and prosperity and would look forward to greater cooperation to improve regional connectivity.

He said Asia was emerging as the next continent of economic growth and it was estimated that the region contributes 52 per cent of the world's GDP.

He said new challenges of peace and stability were growing in the region as the ECO region is located very close to the Middle East which is set on boiling point due to the recent developments in the region which has posed many challenges to peace and stability in the region. "On behalf of ECO, we strongly condemn the announcement of the United States for making the occupied Jerusalem as the Capital of Israel," he added.

Later, talking to media, the minister said the ECO member states had also showed keen interest to take benefit from the historic China Pakistan Economic Corridor which will provide the land locked Central Asian states a link to Gwadar port.

He said the current government had succeeded to overcome the menace of electricity crisis and terrorism and managed to achieve the highest economic growth rate in last 10 years.