FPCCI concerned over ECO’s minimal intraregional trade share

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed his dissatisfaction over the fact that the 10-country alliance of the Economic Cooperation Organization (ECO) has an intraregional trade share of only 8 per cent, whereas, the border and land-based trade accounts for more than 70 per cent among the geographically contiguous countries and regional alliances.

Delivering his official address to the 4th ECO Business Forum; which saw the participation of all 10 presidents of the national-level chambers of commerce and Industries (CCIs) of their respective countries, FPCCI president Mian Nasser Hyatt Maggo stressed that the ECO Vision 2025 should be implemented in letter and spirit to enhance intraregional trade, investments, joint ventures, large-scale trade expos and B2B contacts and networking.

“We can double the intraregional trade within a short span of four to five years, if we can implement the ECO Vision 2025,” he added.

Maggo also emphasised the enormous potential that the ECO Free Trade Agreement (ECO-FTA) can unleash. He also called for a more inclusive and integrative approach towards the member countries other than Pakistan, Turkey and Iran; as these three countries alone contribute 94 per cent of the total intraregional trade.

The FPCCI chief also stressed the need for free and convenient movement of businessmen, traders and industrialists of the ECO member countries within the region through simplification of visa issuance procedures; so that the business community can better understand the markets in other regional countries and explore B2B opportunities, as well.

This should be taken up with immediate effect for the interim period through the provision of landing visas for the business community; until the ECO Visa Sticker Scheme is formulated and operationalised, he added.

Amjad Rafi, FPCCI’s convener of international forums and Pakistan Chapter head of ECO CCI, welcomed the operationalisation of Islamabad-Tehran-Istanbul Corridor; and, also apprised the forum of the huge potential that the Pakistan’s signing up of TIR Convention has opened up for the entire region to trade with Pakistan; through faster, more efficient and cheaper land-based shipping and logistics facilities.

Rafi also moderated the session on “Development of Industrial Sector and Transport and Logistics Services: Investment Opportunities in ECO Region.”

Shoaib Khakwani, general manager of the National Logistics Cell (NLC), highlighted the pioneering and highly-successful land-based transportation of five trucks from Islamabad to Turkey via Tehran under TIR in 12 days and another consignment of two trucks from Islamabad to Azerbaijan via Tehran in five days. It is just the beginning, he added.

Sohail Swaleh, director of Turkey-Pakistan CCI, apprised the audience that Pakistan has posted a remarkable 90 per cent growth in its e-Commerce business during 2020; and, given its mostly young population of approximately 225 million and e-Commerce growth rate, Pakistan will continue to be one of the most lucrative destinations for e-Commerce in the ECO region for many years to come.

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