{"id":43898,"date":"2025-03-20T08:57:28","date_gmt":"2025-03-20T08:57:28","guid":{"rendered":"https:\/\/pakistanintheworld.pk\/live\/?p=43898"},"modified":"2025-03-20T08:57:28","modified_gmt":"2025-03-20T08:57:28","slug":"strengthening-ties-pakistans-economic-potential-within-the-economic-cooperation-organization-eco-by-atif-ikram-sheikh","status":"publish","type":"post","link":"https:\/\/pakistanintheworld.pk\/live\/strengthening-ties-pakistans-economic-potential-within-the-economic-cooperation-organization-eco-by-atif-ikram-sheikh\/","title":{"rendered":"Strengthening Ties: Pakistan&#8217;s Economic Potential within the Economic Cooperation Organization ECO &#8211; By: Atif Ikram Sheikh"},"content":{"rendered":"<p><strong><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-43905\" src=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/03\/ECO-Pakistan-FPCCI.jpg\" alt=\"\" width=\"500\" height=\"318\" srcset=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/03\/ECO-Pakistan-FPCCI.jpg 500w, https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/03\/ECO-Pakistan-FPCCI-300x191.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Atif Ikram Sheikh<\/strong><\/p>\n<ul>\n<li>President, Federation of Pakistan Chambers of Commerce and Industry<\/li>\n<li>President, ECO Chambers of Commerce and Industry<\/li>\n<li>Vice President, Confederation of Asia Pacific Chambers of Commerce and Industry<\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-43901 size-full\" src=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/03\/Atif-Ikram-Sheikh-FPCCI.jpg\" alt=\"\" width=\"130\" height=\"157\" \/><strong>Economic Cooperation Organization Chamber of Commerce and Industry (ECO-CCI), established in 1990, is an affiliated body of the Economic Cooperation Organization (ECO) dedicated to facilitating trade and economic cooperation among member countries, promoting trade relations, and organizing trade-related activities.<\/strong><\/p>\n<p>It is a matter of pride that I am representing Pakistan as the President of ECO-CCI for 2025\u201326 and confident that, during this two-year term, there is tremendous potential to elevate Pakistan\u2019s relations with ECO nations.<\/p>\n<p>It is also a blessing that under the experienced leadership and visionary foresight of Prime Minster Shehbaz Sharif, economic, social, and trade, ties between Pakistan and ECO countries will be further strengthened and future cooperation will unlock new avenues for economic development not only in Pakistan but also across the entire region.<\/p>\n<p><strong>Significant potential exists for strengthening trade relations between Pakistan and ECO member countries, which include T\u00fcrkiye, Iran, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.<\/strong><\/p>\n<p>These nations are not only geographically close but also share deep historical, cultural, and economic ties. As a founding member of the ECO Chamber, Pakistan benefits from a platform that promotes regional economic growth and stability. The proximity of these countries lowers transportation costs, making trade more economical and efficient.<\/p>\n<p>Furthermore, their diverse natural resources and industrial capabilities present ample opportunities to satisfy Pakistan\u2019s trade needs. Enhanced trade relations are vital for ensuring political stability, regional peace, and the expansion of export markets.<\/p>\n<p>Facilitating the exchange of technology and expertise can transform Pakistan&#8217;s industrial and economic landscape. Simultaneously, enhancing banking and financial cooperation is essential for streamlining trade transactions with these nations. By judiciously leveraging the abundant opportunities for increased trade, Pakistan and its ECO partners can embark on a swift journey towards development and prosperity.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"4t1xHmOcW0\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-february-2025\/\">Pakistan in the World \u2013 February 2025<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistan in the World \u2013 February 2025&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-february-2025\/embed\/#?secret=EW6svkh3Ng#?secret=4t1xHmOcW0\" data-secret=\"4t1xHmOcW0\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><strong>Trade Volume Highlights<\/strong><\/p>\n<p><strong>Pakistan\u2013Kazakhstan:<\/strong> In 2021, bilateral trade was approximately $20 million, which soared to $139.33 million by 2023. Pakistan\u2019s exports valued at $68.1 million featured prominent products such as bananas ($6.47 million), packaged medicines ($14.7 million), and lemons ($14.9 million). Imports from Kazakhstan reached $5.58 million, yielding a favorable trade balance. Both nations now aim to expand bilateral trade to $1 billion.<\/p>\n<p><strong>Pakistan\u2013Iran:<\/strong> In 2023, trade between Pakistan and Iran totaled around $2.8 billion. Iranian exports to Pakistan reached $943 million, significantly surpassing Pakistan\u2019s $9.97 million in exports. Pakistan\u2019s exports, primarily comprising construction vehicles, excavation machinery, and trailers, complement Iran\u2019s offerings, which include petroleum gas, refined petroleum products, dried beans, LPG, bitumen, coal tar, non-alloy steel bars and rods, cyclic hydrocarbons, nuts, ethylene polymers, and agricultural commodities such as tomatoes, onions, and dates.<\/p>\n<p><strong>Ambitious targets are set to raise bilateral trade to $10 billion<\/strong>, supported by joint initiatives to combat terrorism. Industry experts affirm that enhanced trade ties will benefit the economies, business communities, and people of both nations. Pak- Iran Preferential Trade Agreement Procedure for Operationalization of barter Trade under the agreement on Barter Trade between Quetta CCI and Pakistan and Zahidan CCI.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Aw8ycXYbm7\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/general-assembly-conference-of-the-parliamentary-assembly-of-economic-cooperation-organization\/\">General Assembly Conference of the Parliamentary Assembly of Economic Cooperation Organization<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;General Assembly Conference of the Parliamentary Assembly of Economic Cooperation Organization&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/general-assembly-conference-of-the-parliamentary-assembly-of-economic-cooperation-organization\/embed\/#?secret=pfJ2Q285Wu#?secret=Aw8ycXYbm7\" data-secret=\"Aw8ycXYbm7\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><strong>Pakistan\u2013<\/strong>\u00a0<strong>T\u00fcrkiye:<\/strong> Bilateral trade with T\u00fcrkiye reached a record $1.4 billion in 2024 a nearly 30% year-on-year increase\u2014with both nations now aspiring to boost trade to $5 billion. The cooperation spans sectors including textiles, education, health, and culture. Pakistan and T\u00fcrkiye have an agreement on Trade in Goods.<\/p>\n<p><strong>Pakistan\u2013Tajikistan:<\/strong> In 2023, bilateral trade totaled $52.73 million an increase of 62.33% over the previous year. Pakistan\u2019s exports surged to $48.94 million (a growth of 152.2%), while imports amounted to $3.80 million. Major exports include sugar and confectionery, potatoes, tomatoes, onions, pharmaceuticals, cucumbers, used clothing, and rice; imports primarily comprise coal, cotton, fruits, and vegetables. Pakistan and Tajikistan had signed Transit Trade Agreements.<\/p>\n<p><strong>Pakistan\u2013Azerbaijan:<\/strong> In 2024, trade with Azerbaijan climbed to $22 million\u2014a 22.5% increase over 2023. Pakistan\u2019s exports amounted to $21.8 million, contrasted with Azerbaijani exports of $196,000. This growth is bolstered by efforts to strengthen energy cooperation, exemplified by the Machike-Thalian-Tarujabba white Oil Pipeline project an initiative between the Federation of West African States (FWO) and Pakistan State Oil (PSO). Agreements to revise the framework for energy cooperation further underline both countries\u2019 commitment to expanding trade and investment in energy, infrastructure, and connectivity. Pakistan and Azerbaijan had signed Preferential and transit Trade Agreements<\/p>\n<p><strong>Pakistan\u2013Turkmenistan:<\/strong> Bilateral trade in 2023 totaled approximately $8.41 million, with Pakistan exporting around $2.23 million and importing $6.17 million. Over the past five years, Pakistan\u2019s exports to Turkmenistan have grown at an annual rate of 16.3%, rising from $798,000 in 2018 to between $1.7 million and $2.23 million in 2023. Major exports include jute fabrics, jute bags, pyrotechnic products, fruits, vegetables, and pharmaceuticals.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"AJyVuUal63\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-january-2024\/\">Pakistan in the World \u2013 January 2024<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistan in the World \u2013 January 2024&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-january-2024\/embed\/#?secret=eIYOxwrcQn#?secret=AJyVuUal63\" data-secret=\"AJyVuUal63\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><strong>Pakistan\u2013Uzbekistan:<\/strong> Pakistan\u2019s exports have grown at an annual rate of 14.4%, increasing from $66.9 million in 2018 to $131 million in 2023. However, no services were exported in 2023. On the import side, Uzbekistan\u2019s exports to Pakistan reached $231 million. Both countries had signed the Preferential Trade Agreement.<\/p>\n<p><strong>Pakistan\u2013Kyrgyzstan:<\/strong> In 2023, Pakistan\u2019s exports to Kyrgyzstan totaled approximately $10.68 million, indicating substantial potential for growth.<\/p>\n<p><strong>Pakistan\u2013Afghanistan:<\/strong> Pakistani exports to Afghanistan were valued at $969 million in 2023\u2014a decline of 10.4% from $1.68 billion in 2018, while Afghan exports to Pakistan increased by 5.41% to $531 million (from $691 million in 2018). Key Pakistani exports include rice ($212 million), packaged medicines ($103 million), and other edible preparations ($86.7 million). Pakistan remains the largest importer of Afghan products, with Afghanistan ranking as the fourth largest destination for Pakistani exports. Pakistan facilitating Afghanistan through Transit Trade Agreement.<\/p>\n<p>As President of the Federation of Pakistan Chambers of Commerce and Industry, I firmly believe that entering into preferential trade agreements with ECO countries is essential to boosting Pakistan\u2019s trade volume. Improving land and air connectivity by establishing direct routes coupled with increased investments in joint projects, will fortify economic ties.<\/p>\n<p>Prioritizing cooperation in energy, infrastructure, and transportation and bolstering digital trade through strengthened e-commerce platforms will enable small- and medium-sized enterprises to access international markets.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"4qWszGLv5u\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-december-2024\/\">Pakistan in the World \u2013 December 2024<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistan in the World \u2013 December 2024&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-december-2024\/embed\/#?secret=Zlxf771mwt#?secret=4qWszGLv5u\" data-secret=\"4qWszGLv5u\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The Economic Cooperation Organisation (ECO) has proposed and worked on several rail infrastructure projects to enhance connectivity and trade among its member countries, including the<em><strong> Islamabad-Tehran-Istanbul (ITI) route, the Kazakhstan-Turkmenistan-Iran (KTI) railway, and the Qazvin-Rasht-Astara railway.<\/strong><\/em><\/p>\n<p><strong>The &#8220;ECO Container Train,&#8221;<\/strong> also known as the Islamabad-Tehran-Istanbul (ITI) freight train, is a project under the Economic Cooperation Organisation (ECO) that aims to facilitate trade and regional connectivity by linking Islamabad, Tehran, and Istanbul via a railway route, with the train resuming operations in 2021 after a period\u00a0of\u00a0inactivity.<\/p>\n<p>Furthermore, formulating common economic policies to foster regional integration\u2014particularly by accelerating major infrastructure and corridor projects will significantly enhance trade activities. ECO nations must work collaboratively to address shared challenges such as climate change, energy crises, and pandemics.<\/p>\n<p>Although obstacles remain, further strengthening trade relations between Pakistan and ECO member countries will unlock new avenues for economic development throughout the region.<\/p>\n<p>The ECO Chamber of Commerce and Industry is poised to play a pivotal role by providing trade intelligence, facilitating the exchange of trade delegations, and organizing trade fairs and exhibitions. Exploring advancements in digital trade, renewable energy partnerships, and cross-border technology exchange promises to further transform regional dynamics and reinforce economic resilience among ECO countries.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"wnDjDE3oF0\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-april-may-2024\/\">Pakistan in the World \u2013 April \/ May 2024<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistan in the World \u2013 April \/ May 2024&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-april-may-2024\/embed\/#?secret=ibxfVrgQow#?secret=wnDjDE3oF0\" data-secret=\"wnDjDE3oF0\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><strong>About ECO<\/strong><\/p>\n<p><em>The Economic Cooperation Organization (ECO) is an international organization that was established in 1985 by Pakistan, Iran, and Turkey. The foundations of this organization are based on the Regional Cooperation for Development \u2013an organization that was established in 1964 for economic cooperation by these three states that were members of the Central Treaty Organization (CENTO). After the collapse of the Soviet Union, the number of ECO member states increased to ten with the participation of Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, Turkmenistan, and Afghanistan in 1992. The headquarters of ECO is in Tehran. The highest level of representation of the member states in the organization takes place at the leaders&#8217; summit.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Atif Ikram Sheikh President, Federation of Pakistan Chambers of Commerce and Industry President, ECO Chambers of Commerce and Industry Vice President, Confederation of Asia Pacific Chambers of Commerce and Industry Economic Cooperation Organization Chamber of Commerce and Industry (ECO-CCI), established in 1990, is an affiliated body of the Economic Cooperation Organization (ECO) dedicated to facilitating [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":43905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,83],"tags":[6913,140,634,2500,1385,5670,2883,48,2422],"_links":{"self":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/43898"}],"collection":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/comments?post=43898"}],"version-history":[{"count":6,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/43898\/revisions"}],"predecessor-version":[{"id":43906,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/43898\/revisions\/43906"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media\/43905"}],"wp:attachment":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media?parent=43898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/categories?post=43898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/tags?post=43898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}