- Member states welcome ECO Vision 2025 as a comprehensive document
The 13th Economic Cooperation Organisation (ECO) Summit concluded here on Wednesday with all the member states reiterating commitment to economic integration, regional connectivity for enhancement of trade; energy; tourism; economic growth and productivity; social welfare; and environment for the progress and prosperity of 440 million people of the ECO region.
The summit also welcomed in this regard the China-Pakistan Economic Corridor (CPEC) as a far-reaching initiative that would act as catalyst for the development of the entire region. It was heartening to note that the political leadership of the member states defied all the negative propaganda about the security situation in Pakistan as presidents of five member states attended the summit while two prime ministers, two deputy premiers and a special envoy attended the moot.
The successful event, held under the theme – Connectivity for Regional Prosperity – also smashed all the lousy propaganda about security situation in Pakistan. Whether it was Iranian President Hassan Rouhani or Turkish President Recep Tayyip Erdogan, almost all the visiting dignitaries had a one-on-one meeting with Prime Minister Nawaz Sharif on the sidelines of the summit.
The ECO Vision 2025 document, approved at the summit, ranges from vision plan for enhancement in trade to tourism. “ECO will pave the way to a territory of integrated and sustainable economies as well as free trade area achieved by highly educated societies and improved governance through enhanced cooperation,” according to the document.
The core principles include sustainability; integration and conducive environment. The vision for the next decade aims at doubling the intra-regional trade, increasing the ECO share in the global trade and specifically exports, increase share in global trade and tap regional trade potential for economic growth.
The summit resolved to expanding trade volumes through trade liberalisation, harmonisation of policies, reducing the cost of doing business, financial infrastructure, and institutional capacity building. The scope of the ECO Trade Agreement (ECOTA) will be enhanced from preferential trade to free trade agreement. Non-WTO member countries will be assisted in their accession to WTO.
Moreover, ECO Agreement on Mutual Administrative Assistance in Customs Matters; ECO Agreement on Joint Promotional Activities; ECO Trade Facilitation Agreement; Regional Agreement on Cooperation in Taxation Matters; ECO Visa Sticker Scheme for businessmen; ECO Reinsurance Company would be operationalised. The role of the ECO Bank will be strengthened in the development of ECO economies and the membership of the bank will be expanded.
The capacity-building programmes for trade promotion organisations of the member countries will be prepared and executed. Regional trade exhibitions and fairs will be organised while a robust trade financing programme will be launched for enhancing regional trade. For energy sector, the ECO summit resolved to enhance energy security and sustainability through wider energy access and trade within the ECO region and beyond.
The energy demand will grow in pace with the socio-economic development of ECO member countries, requiring adequate, efficient, equitable and affordable provision of energy resources and services. The ECO would launch efforts for harmonisation and alignment towards regional power/electricity market within the region for harnessing benefits of larger integrated systems. Energy, trade, production, consumption and transit patterns will be enhanced while enhanced policy coherence for mainstreaming objectives of the SDGs and UN sustainable energy for all will be encouraged.
Promotion of energy investments through advocating innovative incentives and close engagements with regional and global IFIs and development banks will be encouraged. To the widest extent possible, relevant energy efficiency goals and objectives will be achieved at the ECO regional level. Institutional advisory mechanism will be established for crafting policy linkages. To achieve long term high level growth, knowledge and information based production through increased contribution of research and development (R&D), entrepreneurship, involvement of private sector, increased women participation and SMEs.
Agriculture and industry are the key sectors which can boost economic growth of the region through increasing productivity. The ECO heads of state and the governments reiterated their political will and strong commitment for realising the aims and objectives of the organisation for economic development, common prosperity, regional integration and peace and stability in the region.
The member states recalled their commitment to the purposes and principles of the UN Charter including in particular the respect for political independence, sovereignty and territorial integrity of states, development of friendly relations among nations, and pacific settlement of disputes. The members resolved to work together, including by positioning the ECO to effectively address the challenges and to seize the opportunities for the collective benefit of the region and its people.
The ECO summit reiterated commitment to promote intra-ECO trade as an instrument of enhanced economic cooperation and revitalisation in the region. The summit also welcomed the adoption of the ECO Vision 2025 as a comprehensive document outlining the core principles and areas of cooperation within ECO, and resolved that the member states as well as ECO Secretariat, ECO specialised agencies and regional institutions will take necessary steps for implementation of the ECO Vision in effective manner.