ECO countries agreed for doubling trade among region

ISLAMABAD: Deputy Chairman Planning Commission Sartaj Aziz here on Thursday said that the 28th meeting of the Regional Planning Council (RPC) of Economic Cooperation Organization (ECO) agreed for taking measures to double existing trade among the member countries.

Addressing the concluding session of the RPC meeting, he said that eight different committees on trade, transport, tourism and energy met in a constructive and cordial manner and discussed ways and means to further promote the trade and investment opportunities among the member countries.

He said that it was agreed that trade volume among the member states should further enhance as it stood at US$60 billion, which was lower as against the true potential.

In that regard the trade and commerce minister would meet in Islamabad during January 2018, in Islamabad for making further deliberation to enhance the trade and investment opportunities in ECO member countries, he added.

Sartaj Aziz said that the meeting also agreed to make an action plan to enhance the regional connectivity by materializing the Islamabad-Tehran-Istanbul and Tajikistan corridor and establishing the trade facilitation centers.

He said it was agreed that ECO reinsurance company would be established at Karachi and establishment of customs anti-smuggling database in Ankara to check the illegal cross border transportation of goods.

A working group was formed to follow up the decision of the second ICT ministerial meeting for the transport sector, adding that the meeting also discussed the four commercialization studies for the East-West and North South corridors of the ECO region.

In energy sector, he said that the the meeting agreed for enhancing cooperation and laid emphasis on establishing the renewable energy market.

Speaking on the occasion Secretary General ECO thanked the government for successfully organizing the 28th meeting of the ECO RPC, which was attended by the member states and two observes.

He said that the meeting adopted the ECO work programme 2018 along with ECO calendar of events 2018 and called upon the member states to actively participate in the implementation of that programme.