FPCCI hails ECO summit, terms it milestone

Islamabad

Federation of Pakistan Chamber of Commerce and Industry (FPCCI) hailed the 13th summit of Economic Cooperation Organization (ECO) held here on Wednesday and termed it a milestone for economic integration among the ECO countries. Including the landlocked Central Asian States (CARs), Iran and Turkey would have huge potential for multilateral trade in the ECO region, Senior Vice President FPCCI Mian Shaukat Masud, said.
He said the forum would be played important role for enhancing cooperation between members countries. Shaukat said the ECO had provided a platform to the member states for improving development and promote trade and investment opportunities. The member states of the organization include Iran, Pakistan, Turkey, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The VP FPCCI said the organization had huge potential to be emerged as new economic bloc in the region.
He said the ECO had now been expanded and comprised 10 members states. Mian Shaukat said Pakistan’s Free Trade Agreements (FTAs) with Iran and Turkey were also in negotiation phase, adding that ECO would be proved as remarkable forum to discuss the issues of trade and enhancing bilateral trade with these countries. Replying to a question, he said the government should be focused on ease of doing business for providing level playing field to industry in the country, which would attract much needed investment to trigger economic growth in the country.
Shaukat stressed the need for reforms covering all the sectors and take steps to broaden tax base and facilitating the exporters for enhancing the country’s export. Senior VP FPCCI also appreciated Rs 180 billion package for industrial growth to enhance exports from the country.—APP