To double intra-regional trade increase ECO share in the global trade and specifically exports, increase share in global trade and tap regional trade potential for economic growth.
I. Strategic Objective
II. Policy Environment
Expanding trade volumes require trade liberalisation, harmonisation of policies, reducing the cost of doing business, financial infrastructure, and institutional capacity building. Harmonization of national policies is important for free flow of trade, harmonization creates compatibilities, maximizes economic efficiency and reduces transaction costs. Trade facilitation is another area of focus for ECO, as it reduces indirect as well as hidden costs, which is substantially high in ECO Region.
III. Expected Outcomes
‘3A. Trade
- The ECO Trade Agreement (ECOTA) will be operationalized and the membership of ECOTA will be increased.
- The scope of ECOTA will be enhanced from preferential trade to Free trade Agreement.
- Non-WTO Member Countries will be assisted in their accession to WTO
- Following pending trade related agreements will be operationalized:
- 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 will be operationalized.
- ECO Reinsurance Company will be operationalized.
- The role of the ECO Bank will be strengthened in the development of ECO economies. The membership of the Bank will be expanded.
- Capacity Building Programmes for Trade Promotion Organizations of the Member Countries will be prepared and executed.
- Regional trade exhibitions and fairs will be organized.
- A robust trade financing programme will be launched for enhancing regional trade.’
‘3E. Economic Growth and Productivity
- The Agreement on Promotion and Protection of Investment among ECO Member Countries (APPI) will be operationalized and its membership will be increased.
- Legal regimes and mechanisms to enhance investor protection will be improved;
- Capacity Building Programmes for Investment Promotion Agencies of the Member Countries will be prepared and executed.’
