ECO members countries urged to boost intra-regional trade

Vice President FPCCI Shaukat Masud attends ECO-CCI meeting in Turkey

A seasoned and dynamic businessman and the Vice President of Federation of Pakistan Chambers of Commerce and Industry, Mian Shaukat Masud who is also serving as the Convener Industry & Investment Committee of ECO CCI (Pakistan Chapter) attended the 23rd executive committee meeting of the ECO Chamber of Commerce and Industry in Ankara, Turkey. He was on a visit to Turkey as a part of FPCCI’s delegation headed by President FPCCI and President ECO CCI, Tufail Zubair to attend the meeting. The Executive Committee meeting reviewed the existing intra-regional trade and its expansion under ECO Vision 2025, ECO Trade Facilitation (ECOTA), investment opportunities in the ECO region, Transport (TIR), visa facilitation and tourism etc.

While speaking on the occasion Shaukat Masud said that there is a dire need to boost trade between the ECO member countries to realize maximum trade potential existing among the member countries which include Pakistan, Turkey, Iran, Afghanistan, Kazakhstan, Turkmenistan, Azerbaijan, Kyrgyzstan, Tajikistan and Uzbekistan. He said that the intra-regional trade of ECO member countries during the year 2016 was US $48 billion whereas the collective trade volume of this region with the rest of the world was US $625 billion which amounts to 1.9% of the total world trade.

During an official visit to Regional office of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Ambassador of Brazil Claudio Raja Gabaglia Lins said that Brazil covered more than 42% of its energy needs through renewable resources and was ready to extend cooperation and technology with Pakistan in renewable energy sector. “Brazil has improved per hectare agricultural yield through modern technology and double cropping, and is also one of the largest exporters of poultry meat. Pakistani businessmen can take benefit from Brazilian expertise in these sectors,” he said.

In the meeting with business leaders at Regional Office of FPCCI in Islamabad, he talked about the trade volume between Brazil and Pakistan, the Ambassador said that despite having various commonalities and cordial diplomatic relations, mutual trade volume in 2015 was hardly $ 369 million which did not match the potential existed between the two countries. He invited Pakistani businessmen to work for joint ventures with their Brazilian counterparts and also report their reservations to the Brazilian Embassy in Pakistan over tariff.

While, FPCCI Regional Vice President, Mian Shaukat Masud said that Brazil-Pakistan relations were characterized as friendly and cooperative and balance of trade had been in favor of Brazil. He asserted that the private sector of Pakistan can easily take advantage of exporting its products including various types of consumer goods like ready-made garments, fabrics, knit-wear, towels, leather and leather products, pharmaceutical and surgical instruments to Brazil. Moreover, Brazil offers a huge potential for exports of high quality footballs and Pakistan has a solid track record of manufacturing footballs for the FIFA World Championships. We can also supply agro products including rice, pulses, fruits and vegetables. For this, we need your support to work with Brazilian Embassy to find the right partners.

Mr. Masud said that the recently held 13th Economic Cooperation Organization (ECO) summit by FPCCI, would help to enhance the multilateral trade and economic integration between member countries. ECO member states have deep rooted cultural ties,which provide strong foundation for bilateral trade among ECO nations. The forum would also provide the opportunity for enhancing the trade and export volume,he added. He said that Pakistan had important geostrategic location, which provided economic integration and connectivity in ECO member states.

In a press statement, Mr. Shaukat said that China Pakistan Economic Corridor (CPEC) would also play pivotal role for engaging the member countries in massive economic activity.

He said that CPEC would provide multiple trade opportunities for the landlocked Central Asian Republics by connecting them with significant trade markets of global scale.  Shaukat was of the view that during the 13th summit ECO countries had focused on economic cooperation and regional connectivity.

Newsletter SignUp