ECO Chamber asked to develop action plan

Region's potential needs to be turned into tangible trade, investment: FPCCI chief

KARACHI:

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has stressed the need for transforming the vast economic potential of the Economic Cooperation Organisation (ECO) region into tangible trade, investment and business opportunities through greater connectivity, facilitation and private-sector cooperation.

Addressing a high-profile meeting of the ECO Chamber of Commerce and Industry (ECO-CCI), attended by representatives of national chambers of commerce and industry from all ECO member countries, Sheikh emphasised that despite the region's strategic location, abundant resources and a market of more than 500 million people, intra-regional trade remained considerably below potential.

He called for moving from dialogue to practical action through the removal of trade bottlenecks, simplification of customs procedures, improved business mobility, revival of regional road and rail connectivity, including the ECO train, and stronger B2B engagement. He proposed that the ECO-CCI should develop Action Agenda 2026-27, with specific initiatives and mechanisms for monitoring progress.

The FPCCI chief, who is also the ECO-CCI president, underlined the need to move beyond conventional trade towards joint production and regional value chains, particularly in agriculture and food processing, textiles, minerals, energy, engineering, pharmaceuticals and IT. He advocated greater focus on SMEs, investment facilitation, women entrepreneurship, tourism and regular trade exhibitions and B2B forums to connect businesses across the region.

ECO Secretary General Asad Majeed Khan, while speaking at the meeting, highlighted the significant economic potential of the ECO region but noted that intra-regional trade remained far below potential due to tariff and non-tariff barriers, customs and logistical bottlenecks, limited business-to-business interaction and payment-related constraints.

He briefed participants on recent ECO initiatives relating to trade facilitation, ECOTA, customs cooperation, transportation and business mobility, and underscored the critical role of the ECO-CCI and national chambers in creating business linkages.