Pakistan to chair ECO chamber

September 5, 2014

pakistan-to-chair-eco-chamber

KARACHI: Pakistan assumed charge of the 10-member Economic Coop­eration Organisation (ECO) Chamber of Commerce and Industry on Thursday for a period of three years.

After the conclusion of the three days executive committee and general assembly meetings held here at the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA), a handover of responsibilities took place.

On the occasion, the outgoing president from Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholamhossein Shafi handed over the charge to Zakaria Usman, president Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

The FPCCI chief called for a paradigm shift in global economic order.

He highlighted the need for ECO member countries to enhance trade relations.

Citing examples, Zak­ar­ia Usman said that Azerbaijan, Iran, Kazakhstan and Turkmenistan are oil and gas producing and exporting countries while Pakistan and Turkey are energy starved.

Similarly, he said Tajikistan and Kyrgyz Republic have large untapped hydro power resources which can be explored and developed. Whereas Pakistan and Kazakhstan are exporters of agriculture products like wheat, rice, fruits and vegetables while Iran and Turkey are importers of these agriculture commodities.

The outgoing ECO ICC president Gholamhossein Shafi speaking on the occasion stressed upon the need for simplification of trade visa system, creating suitable facilities for opening of Letter of Credit (L/Cs) through banking channel and implementation of conventions.

Rifat Hisarciklioglu from Turkey said his country will be taking over the presidency of G-20 in December this year and plans to organise over a hundred events during first year. The main agenda of G-20 will be to achieve stability and prosperity.

He informed the ECO ICC members that a new economic bloc is being established by US and EU through the Transatlantic Trade and Investment Partnership (TTIP).

“On the other end of the world, Asia-Pacific countries are coming together under Tans Pacific Economic Partnership. About 3.5 billion of the total world population lives in ECO countries but the share of the ECO region in global trade is just 2 per cent,” he said. (dawn)

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