FPCCI urges ECO members to strengthen economic alliances

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FPCCI urges ECO members to strengthen economic alliances

ISLAMABAD, Nov 28 (APP): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Monday said the world countries have abandoned forging political and military alliances, preferring economic alliances to promote growth and development.

“The economic blocks that prefer trade over politics have progressed with an amazing speed, President FPCCI, Rauf Alam while speaking at the ECO Day at FPCCI Capital House here said.

He called upon the ambassadors of Economic Cooperation Organization (ECO) to push their governments for quick trade facilitation measures.

He urged for removal of distortions and doubts, creation of an encouraging environment for foreign investors, initiation market-oriented reforms and promotion of outward development strategies which will open opportunities for unlimited prosperity.

The ECO countries have great trade potential which needed to be exploited for the better interest of the member countries.

He said efforts would be made to make this block vibrant and urged the governments of member countries to play their role for the sake of rapid development and help reduce poverty and conflicts.

“The importance of this block has increased manifold in the current set of circumstances,” he added.

He said the group could become effective if the issues pertaining to transport and security issues are resolved.

Ambassadors and diplomats of ECO countries, senior leader of United Business Group, Senator Abdul Haseeb Khan, VP FPCCI Zafar Bakhtwari, Chief Coordinator FPCCI Malik Sohail and others were also present on the occasion.

Rauf Alam said, over seven percent of the global population lives in ECO countries covering an area of eight million square kilometer and a combined GDP of almost two trillion dollars and 436 million population but it is not united despite common cultural and religious heritage.

He said, the grouping consists of countries which are least connected while bilateral trade is hardly seven percent, therefore all the countries should shun differences and join hands to fulfil shared aim of prosperity.