Parliament heads call for early implementation of ECO trade agreement

By Islamuddin Sajid

ISLAMABAD (AA) - The Parliamentary Assembly of Economic Cooperation Organization (PAECO) on Wednesday urged its member states to take effective measures for enhancing intra-regional trade through early implementation of the ECO Trade Agreement.

In a joint statement issued after the two-day PAECO second conference held in Islamabad, the heads of parliaments underscored the importance of transit trade to reduce the cost of doing business and financial infrastructure in expanding intra-regional trade volumes.

We "encourage the early establishment of the ECO Reinsurance Company to promote the growth of national and regional underwriting and retention capacities, minimize the outflow of foreign exchange from the region and support the economic development of the member states," they said.

The conference was attended by speakers and parliament heads from Turkey, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, with speakers from Iran and Turkmenistan taking part by video link.

The participants emphasized the need for further cooperation within the framework of PAECO for enhancing trade, regional connectivity and people-to-people contact.

The speakers said they strongly supported and encouraged the implementation, operationalization and strengthening of the already agreed mechanisms and arrangements within the ECO as building blocks for regional cooperation and integration as well as the increase in intra-regional trade and connectivity among ECO member states.

We "recognize that trade is an engine of economic growth and vital for sustainable socio-economic development as well as to boost regional economic recovery in the aftermath of COVID-19," the statement further said.

The conference urged the member states and the secretariat to take practical steps to implement regional infrastructural projects, the ECO Transit Trade Framework Agreement (ETTFA) and operationalization of ECO corridors.

They also acknowledged the significance of regional connectivity in transforming landlocked countries into land-linked countries and called for the simplification of the visa processes for businesspeople and tourists.

- Promoting tourism

The heads of parliament also suggested promoting tourism among the member states and strengthening people-to-people contact, cultural cooperation and regional development.

We "invite the relevant authorities of the Member States to undertake concrete measures to facilitate intra-regional tourism by promoting youth/cultural exchanges, encouraging health tourism, enhancing linkages among professional bodies, facilitating visa arrangements and relaxing visa insurance," the joint statement read.

Underlining the importance of the participation of women in socio-economic development, they suggested activities like the operation of a web-portal for women entrepreneurs, the exchange of delegates, holding of exhibitions and organizing training workshops.

- Show solidarity with Kashmir, Palestinian people

The member states reaffirmed their solidarity with the "oppressed" people of Palestine and "Indian-occupied Jammu and Kashmir" and condemned the gross human rights violations against them.

We"deplore the unilateral economic sanctions and extra-territorial jurisdiction or political pressures as tools applied in violation of the United Nations Charter and International Law and Express our full support to the ECO Member States affected by such illegal tools."

The heads of parliaments expressed thanks to the National Assembly of Pakistan for hosting the 2nd General Conference of PAECO and welcomed the offer of Afghanistan to hold the 3rd General Conference of PAECO in 2022 in Kabul.