Peace in Afghanistan vital for ECO transit trade corridors: FM

Foreign Minister Shah Mahmood Qureshi has termed peace and stability in Afghanistan vital for the full operationalization of transit trade corridors of Economic Cooperation Organization (ECO) member states.

Addressing the 25th Council of Ministers Meeting of ECO on Saturday, Qureshi said that more targeted efforts were required to identify and promote trade among ECO states.

“We must all provide humanitarian and economic assistance to Afghanistan and its people to prevent massive human sufferings and economic collapse”, the top diplomat emphasised and added that the new authorities in Kabul must be encouraged to promote inclusive governance, respect for human rights, including women’s rights, and action against terrorism.

He said the six-neighbours format, which Pakistan initiated, offers an effective modality to promote stabilization in Afghanistan.

In tandem, Qureshi added,  early implementation of the agreed projects involving Afghanistan should be supported, including the TAPI gas pipeline, the CASA 1000 electricity grid, and the trans-Afghan railways connecting Termez-Mazar-e-Sharif-Kabul-Peshawar.

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“We hope that the region will also benefit from China-Pakistan Economic Corridor (CPEC). We must also identify, prepare and implement additional cross-border projects among ECO countries.”

The Foreign Minister said ECO's Trade Agreement will encourage larger mutual investments, common supply chains, enhanced productivity and competitiveness.

He said Pakistan believes the ECO has significant potential to emerge as a powerful regional entity.

The foreign minister said Pakistan expresses hope that “we will also join hands in countering Islamophobia and promoting the legitimate rights of all Muslim peoples,” especially the right to self-determination and liberation of the peoples of Palestine and Jammu and Kashmir.

However, he highlighted, that due to lower production and productivity, and minimal regional integration, ECO’s full potential was yet to be realized.

Equity in vaccination

The foreign minister, during his address, while noting that the Covid-19 pandemic has had a major negative impact on the economies of all ECO members, maintained that in order to recover from the pandemic, the ECO members must prioritize vaccination and the related health response. “We must insist on equity in the production, distribution and availability of the Covid-19 vaccines for all our peoples.”

“We must also accelerate the realisation of the ECO Vision 2025 objectives – which are fully aligned with the UN’s Sustainable Development Goals (SDGs),” he said.

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He observed that strengthening the role of ECO bank and operationalization of ECO Reinsurance Company could positively contribute to the trade, investment and integration objectives.

Financing should also be mobilized through multilateral, regional and national development banks, private markets, to achieve ECO’s trade and development objectives, he elaborated.

Regional cooperation

The foreign minister, while identifying the favourable geographical location of ECO, urged other states to promote a confluence of interests and cooperation with China’s Belt and Road Initiative and the Eurasian Economic Union (EAEU). The ECO secretariat could prepare a study on how best to develop such cooperation, he suggested.

“The ECO should also study the potential for ECO trade and mutual cooperation with all markets adjacent to the ECO region – China, Russia, Europe, ASEAN, the Gulf Cooperation Council and the African Union. This could lead to the identification of specific cooperative projects with governments or entities from these regions.”

He said all ECO member states were developing countries and urged them to work together within the Group of 77 and China “to realize our common goals of prosperity and development, particularly through the implementation of the SDGs.