ECO have huge potential to enhance trilateral trade: President FPCCI


ISLAMABAD, Mar 3 (APP): President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair F Tufail on Friday said that Economic Cooperation Origination(ECO) countries have huge potential to enhance trilateral trade and exports volumes for prosperity and economic development.
Free trade between ECO countries with each other were only 2 percent of total world,which need to be enhanced more with business and trade cooperation between member countries,he said this while addressing to a press conference followed by meeting of the ECO Chamber of Commerce and Industry and 22nd Executive Committee and 15th General Assembly of ECO-CCI,alongwith business leaders of ECO countries in FPCCI building Islamabad.
He urged for enhancing the trade between ECO countries like the other regions of the world for the prosperity and development.
“We can change the fate of 3.1 billions people living in ECO region, through enhancing of mutual trade and investment for the agenda of shared prosperity and development, he said.
Replying to a question, regarding the Free Trade Agreement between Pakistan-Turkey and Iran,he said that Pakistan’s FTA with two brotherly countries are in negotiation phase.
He added that FTA with Turkey was in Final Phase and to be signed in coming months,adding that as same FTA with Iran was in negotiation phase and till end of this year final agreement would be signed between both countries.
Through FTA’s agreement,”We want positive trade and also need for protecting the local market of both the countries.
Tufail said the business community from ECO countries were agreed for providing trade facilities to all member countries and urged the ECO countries government for relaxation in VISA policy to smooth the mutual trade level.
President FPCCI hope that future of ECO countries would bright and there is need to lift the trade barrier from member countries.
President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) Rifat Hisarciklioglu on the occasion,said that “We need trade liberalization and avoid the protectionist trade policies for enhancing the trade level between ECO countries.
He urged for enhancing the trilateral trade between ECO countries like European Union (EU) countries,which have 70 percent trade to each other in total trade volume.