Mashhad (Web Desk): Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar addressed the 28th Meeting of the Economic Cooperation Organization (ECO) Council of Ministers (COM), urging member states to take meaningful steps toward the full implementation of the Economic Cooperation Organization Trade Agreement (ECOTA).
He expressed deep concern over the region's low level of intra-regional trade, which accounts for less than 8% of the total trade within the ECO, a stark contrast to other regional organizations like the European Union and ASEAN, where intra-regional trade makes up more than 70% and 23%, respectively.
Dar highlighted that ECOTA, which was designed to promote sustainable economic growth and mutual welfare in the region, has yet to achieve its full potential. Despite being in place for a considerable time, the agreement has only been signed by five member states.
He stressed the importance of expediting its implementation to enhance trade and economic cooperation across the region, which would contribute to both regional security and prosperity.
As the coordinating country for ECOTA, Pakistan has emphasized the significance of its early activation and urged all members to adopt a comprehensive approach toward its realization.
He also pointed to the importance of ECO Vision 2025, which was adopted in 2017 during the 13th ECO Summit in Islamabad, as a guiding framework for increasing intra-regional trade, improving connectivity, and ensuring energy security.
Dar welcomed Uzbekistan's proposal of 2035 Strategic Objectives, which he believed could significantly advance the organization’s broader goals.
In addition to economic matters, Dar voiced strong condemnation of the ongoing violence in Gaza and Lebanon, calling for an end to hostilities and for the protection of Lebanon’s sovereignty.
He also reiterated Pakistan’s stance on the humanitarian crisis in Palestine, advocating for peace and security in the Middle East.
Dar further stressed that the key to unlocking the full potential of the ECO region lies in enhanced connectivity.
The FM called for the development of road and rail corridors, the liberalization of visa regimes, and the simplification of border procedures to facilitate trade and foster interdependencies.
He also mentioned the operationalization of the Istanbul-Tehran-Islamabad (ITI) road corridor as a step forward and urged for more Border Crossing Points in the ECO region to support trade activities.
Concluding his remarks, Dar reaffirmed Pakistan's commitment to playing an active role in shaping the future direction of ECO and emphasized the country's dedication to advancing the organization’s objectives for the benefit of all its members.