Karachi, In a recent statement, the leadership of the United Business Group (UBG) emphasized the importance of private sector collaboration between Pakistan and Afghanistan as a key to unlocking trade potential within the Economic Cooperation Organization (ECO) region. The group, comprising S M Tanveer, Zubair Tufail, Khalid Tawab, Hanif Gohar, and Mazher Ali Nasir, highlighted the need for more intense interaction between the trade bodies of the two nations to foster bilateral and inter-regional trade promotion.

According to United Business Group, the economic landscape of the ECO region, with its strategic position and abundant energy resources, presents a significant opportunity for growth, drawing on the successful models of other regional organizations such as ASEAN and the European Union. The ECO, which includes 10 member countries like Turkey, Iran, Pakistan, and Afghanistan, is rich in natural resources, especially oil, natural gas, and minerals. However, its contribution to the global economy is limited, with intra-regional trade making up only 5% of its total, and Pakistan's trade with ECO nations constituting just 3% of its total trade volume.

The UBG leaders proposed several joint initiatives aimed at boosting sectors such as transport, telecommunications, trade, investment, agriculture, industry, and tourism within the ECO framework. They also called for increased awareness of key agreements, such as the ECO Preferential Trade Agreement (ECOPTA) and the ECO Trade Agreement (ECOTA), which are designed to enhance trade cooperation and reduce tariff barriers. Notably, ECOTA has been ratified by several ECO member states, including Afghanistan, Pakistan, Iran, Tajikistan, and Turkey. Furthermore, UBG suggested the establishment of ECO Desks within Pakistani trade bodies to promote intra-regional trade and socio-economic activities, marking a step forward in the region's economic integration and cooperation efforts.