Islamabad, November 28, 2021 (PPI-OT):President Dr Arif Alvi has underlined the need for integration among Economic Cooperation Organization region in terms of trade and investment. Addressing the 15th Summit of the Heads of State of the ECO in Ashgabat today (Sunday), he said the intra-regional trade among ECO members is only eight percent of their total trade.

The President said the ECO region has all the elements needed for economic integration and rapid economic growth, including rich resources, enterprising people, geographical contiguity, and a common culture and heritage. Dr Arif Alvi called for ensuring the implementation of ECO Vision 2025, and the Islamabad Declaration, a free or preferential trade arrangement, strengthening of regional institutions such as the ECO Trade and Development Bank and operationalization of the ECO Reinsurance Company.

He called for advancing the transport corridors planned by the ECO under the Transit Transport Framework Agreement. He also welcomed the operationalization of the Islamabad-Tehran-Istanbul road corridor. Calling peace in Afghanistan as “key to connectivity”, President Alvi said after the end of the 40-year war, the country has a humanitarian crisis and the spectre of economic collapse looming large over its people. He said the situation could also lead to exodus of refugees from Afghanistan.

He urged to release frozen assets of Afghanistan to help alleviate the sufferings of its people. Dr Arif Alvi said the restoration of peace and stability in Afghanistan would also enable the early implementation of agreed infrastructure and integration projects.

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