CAREC Forum: SECP for more cross-border cooperation among capital market regulators

ISLAMABAD: Chairman of Securities and Exchange Commission of Pakistan (SECP) Aamir Khan on Monday reiterated SECP's commitment for enhancing cross-border cooperation among the capital market regulators of Central Asia Regional Economic Cooperation (CAREC) Forum.

SECP Chairman was addressing the first ever meeting of Economic Cooperation Organization (ECO) Heads of Capital Market Supervisory Authorities on Monday.

Aamir Khan stated that "without a shared vision that taps into a larger pool of intellectual and physical resources, we cannot do justice to our mandates".

The meeting arranged was arranged by the ECO Secretariat, and hosted by the SECP, to promote sustainable socioeconomic development of the region through collaboration between member states. The meeting was attended by representatives from eight of the total 10 ECO member countries, including Republic of Azerbaijan, Islamic Republic of Iran, Republic of Kazakhstan, Kyrgyz Republic, Islamic Republic of Pakistan, Republic of Turkey, Turkmenistan, and Republic of Uzbekistan.

Khan, speaking at the occasion, stressed upon the importance of collaboration and knowledge sharing between member states, which will enable the region to achieve shared success. He also briefed participants about recent reforms carried out by SECP to improve Pakistan’s capital markets.

Khan reiterated SECP's commitment for enhancing cross-border cooperation, recalling the earlier meeting of capital market regulators forum of Central Asia Regional Economic Cooperation Forum hosted by SECP in 2019. He added that, "Our glorious shared and individual histories place a burden on us today to create the environment that fosters a sustainable future for posterity".

Musarat Jabeen, Executive Director SECP, welcomed the participants, and stated that through leveraging the experience of other member states, ECO members have huge potential for advancement in the realm of capital markets.

Seyed Mohsen Esperi, Deputy Secretary General, ECO Secretariat, spoke about market connectivity and benefits of information sharing to make effective use of available opportunities in the region. The participants exchanged views on establishment and mandate of the Capital Market Supervisory Authorities' Forum; opportunities and challenges of faced by member countries, and deliberated on mechanism for information sharing and regulatory capacity building of ECO members.

Representatives of member states appreciated this initiative, and shared their views on current state of their capital markets. Meysem Hamedi from Iran expressed appreciated establishment of the forum, stating that the forum will enable innovation in regional markets, which will benefit all countries.

Ms. Selcan Olca, from Turkiye, expressed that participating countries may learn from each other's experience, which will lead to overall strengthening of regulatory framework in the region.

Copyright Business Recorder, 2022