Pakistan today asked the members of the Economic Cooperation Organisation (ECO) to tap the potential of the USD 46 billion China-Pakistan Economic Corridor (CPEC) linking China with the strategic Gwadar port.
"Greater connectivity among the member states through rail, road, sea and air linkages will act as a catalyst to boost intra-region trade. The ECO region can benefit from the CPEC and Gwadar port as it would bring down the cost and time of transportation considerably," Pakistan Prime Minister's Adviser on Foreign Affairs Sartaj Aziz said.
He said the ECO region due to its vast natural and human resources has the potential to become a formidable economic bloc.
Aziz was addressing the 22nd Council of Ministers meeting of members of the ECO, a day ahead of the 10-member bloc's summit. The theme of the summit is: "Connectivity for Prosperity".
He said Pakistan was committed to raise the quality of life of the people of the ECO region through greater connectivity, expansion of intra and inter regional trade, and removal of trade barriers.
He said the biggest hurdle in the way of greater cooperation among the ECO nation was that the region was not integrated when compared to regional blocs such as the Association of Southeast Asian Nations (ASEAN) and the North American Free Trade Agreement (NAFTA).
He said the implementation of the ECO Trade Agreement (ECOTA) is essential in order to remove the existing trade and non-trade barriers and establishment of a Free Trade Area in the region.
He called for greater regional connectivity and integration of infrastructure to ensure the efficient movement of goods among the member states.
Aziz said that the region faced a number of challenges including extremism, terrorism, drug-trafficking and trans-national organised crimes.
He said Pakistan "made good progress in combating the scourge of terrorism and extremism through a comprehensive strategy of law enforcement and targeted military operations".
The ECO was established in 1985 by Iran, Turkey and Pakistan.
In 1992, the organisation welcomed seven new members -- including Azerbaijan, Turkmenistan, Uzbekistan, Tajikistan, Kyrgyzstan, Kazakhstan and Afghanistan.
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