Staff Reporter
Karachi
The Specialized Committee Meeting of Trade Facilitation of ECO Chamber of Commerce & Industry (ECO-CCI) was held via video link and attended by representatives of the Chambers of Commerce & Industry of member countries including Afghanistan, Azerbaijan, Iran, Kyrgyz Republic, Turkey, Uzbekistan and Pakistan and ECO Secretariat.
The meeting was presided over by Chairman National Committee of ECO-CCI (Pakistan Chapter) and Chairman Specialized Committee of Trade Facilitation Amjad Rafi and Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Shaikh Sultan Rehman also attended the meeting from Pakistan, said a statement on Sunday.
While chairing the meeting, Amjad Rafi stated that the real challenge of trade facilitation was to minimize transaction costs and the complexity of international trade for businesses, without compromising efficient and effective levels of collection of customs revenues and other border controls.
He also highlighted the pandemic situation and measures taken by the Government to minimize the risk for trade and industry.
He also discussed in detail the issues related to regional cooperation, trade cost, ECO visa sticker scheme, intra-ECO investment, exchange of knowledge, tariff rationalization, implementation of ECO Trade Agreement (ECOTA), ECO Trade Fair, ECO exhibition, technological transformation, joint ventures, promotion of barter trade and opening of border gates, implementation of ECO trade transit agreement.
The vice president FPCCI emphasized on promotion of intraregional trade and investment among the ECO countries.
He pointed out that intra ECO trade was very low: 7-8 percent while the Intra-regional trade of other trading blocs was more than 50 percent; for example in EU it is 55% and 58% in NAFTA.
He added that expanding of trade volumes require trade liberalization, harmonization of policies, reducing the cost of doing business, financial infrastructure, economic efficiency and institutional capacity building.
He urged the member countries to move towards export of high value added, medium-to-high technology exports by upgrading and diversifying their industrial structure.
Deputy Secretary General ECO Secretariat Dr. Syed Yahya Akhlaq also updated the status of implementation of ECOTA.
He further informed that the agreement would come into force after approval in the next meeting ECOTA Cooperation Council likely to be held in August 2020 and ECOTA will be implemented either in the end of 2020 or early 2021.
