KARACHI: Pakistan along with other Economic Cooperation Organisation (ECO) nations has ratified International Transport Convention (TIR), which allows cargo movement within the bloc without being checked and inspected by customs and other authorities of member countries.
At a press conference on Tuesday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Mohammad Adrees said the ratification will come into effect from next year.
The convention was ratified in a recent meeting of ECO Chamber of Commerce and Industry (ECO-CCI) held in Ankara, Turkey.
The ratification will mainly benefit landlocked countries which are dependent on other countries for the movement of imports and exports, said Mr Adrees, who also holds the top slot of ECO-CCI and Developing-8 countries.
He said that currently the ECO-CCI have two challenges implementing ECO Trade Agreement and forming a customs union of the member countries. Moreover, work on investment treaties is also ongoing, he added.
The ECO chamber is in contact with all the member CCIs for early implementation of trade agreements, he said, but acknowledged that cooperation between the members is very slow due to bureaucratic snags.
Without elaborating, the FPCCI chief said that during the ECO-CCI’s executive committee and general assembly meetings held in Ankara, the performance of the ECO chamber was reviewed and members expressed their full satisfaction over the achievements.
He said the ECO bloc, comprising six per cent of world population and 26pc of Muslim population, is gaining strength and implementation of ECO trade agreement would help member countries expand their import and export volume.
The Pakistani delegation at the Ankara meeting also highlighted the importance of Gwadar port which could be used by all the landlocked Central Asian countries and Afghanistan, particularly after the ratification of TIR, he said. Similarly, the China-Pakistan Economic Corridor also attracted the attention of ECO member states, he added.
During the meeting, member countries proposed ECO-CCI’s own business rating programme and decided to set up an arbitration centre so that issues related to trade could be sorted out amicably.
Courtesy : Dawn News