The 2nd ECO Expert Group Meeting on Banking, Financial Matters of ECO and Forming ECO Clearing Union was hosted by the ECO Secretariat on 10th December 2024, in virtual mode. The Islamic Republic of Iran chaired the meeting with participation of experts from the six Member States namely the Republic of Azerbaijan, the Islamic Republic of Iran, Republic of Kazakhstan, the Islamic Republic of Pakistan, the Republic of Türkiye and Turkmenistan. The delegation of ECO Secretariat was headed by the Secretary General ECO, HE Ambassador Dr. Asad Majeed Khan. A delegation of the ECO TDB also participated in the meeting.
In his opening remarks, H.E. Dr. Asad M. Khan, ECO Secretary General, highlighted the importance of establishing efficient payment system as pivotal to expansion of trade volumes and ensuing economic integration in the region. While alluding to the emphasis laid by the Council of Ministers (COM), during the 28th COM in Mashhad, he underscored the significance of cooperation among the Central Banks and the Ministries of Finance/Economies of the Member States to meet the targets set for expansion of intra-regional trade, and realize shared objectives of regional integration.
The meeting discussed the way forward on establishment of the ECO Clearing Unionand agreed to continue the deliberations in the next sessions of the Working Group and also hold virtual consultative session of the group with Asian Clearing Union (ACU) to firm up appropriate recommendations for the 6th ECO Ministerial Meeting of Finance/ Economy, expected to be convened in May 2025.
The clearing union will reduce the indirect and hidden cost of trade related transactions as well as the time involved in these transactions. The overall impact of such a clearance system is expected to boost the intra-regional trade among the ECO Member States.
