Karachi: Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and President of the ECO Chamber of Commerce and Industry (ECO-CCI), has called for converting the extensive economic potential of the ECO region into concrete trade, investment, and business prospects. He emphasized the necessity for enhanced connectivity, trade facilitation, and cooperation among the private sectors of member countries.
According to Federation of Pakistan Chambers of Commerce and Industry, Mr. Sheikh addressed a meeting of the ECO-CCI, which was attended by representatives from the National Chambers of Commerce and Industry of all ECO member countries. Despite the strategic location, abundant resources, and a market of over 500 million people, intra-regional trade remains significantly below its potential. Mr. Sheikh highlighted the importance of moving from dialogue to practical actions, such as removing trade barriers, simplifying customs procedures, improving business mobility, reviving regional road and rail connectivity, and strengthening B2B engagements. He proposed the development of a practical Action Agenda 2026-27 with assigned initiatives for monitoring progress.
Mr. Sheikh also stressed the shift from conventional trade towards joint production and regional value chains, particularly in sectors like agriculture, food processing, textiles, minerals, energy, engineering, pharmaceuticals, and IT. He advocated for a greater focus on SMEs, investment facilitation, women entrepreneurship, tourism, and regular ECO trade exhibitions and B2B forums to connect businesses across the region.
ECO Secretary General, Ambassador Asad Majeed Khan, underscored the significant economic potential of the region, noting challenges like tariff and non-tariff barriers, customs and logistical bottlenecks, and limited B2B interaction. He briefed participants on recent ECO initiatives aimed at trade facilitation, customs cooperation, transportation, and business mobility. He emphasized the role of ECO-CCI and National Chambers in creating business linkages and identifying commercial opportunities. Ambassador Khan also encouraged organizing a major ECO Trade Fair/Expo and strengthening the institutional capacity of ECO-CCI.
Representatives from the National Chambers of Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyz Republic, Pakistan, Tajikistan, Türkiye, Turkmenistan, and Uzbekistan shared their perspectives and recommendations. They highlighted the importance of regular ECO exhibitions, sector-specific B2B meetings, enhanced trade and investment promotion, improved transportation, visa facilitation, and stronger interaction among business communities of member countries.