Atif Ikram Sheikh President FPCCI & ECO CCI calls for revamping ECOTA to unlock ECO Region’s untapped trade potentialAtif Ikram Sheikh President FPCCI & ECO CCI calls for revamping ECOTA to unlock ECO Region’s untapped trade potentialAtif Ikram Sheikh President FPCCI & ECO CCI calls for revamping ECOTA to unlock ECO Region’s untapped trade potentialAtif Ikram Sheikh President FPCCI & ECO CCI calls for revamping ECOTA to unlock ECO Region’s untapped trade potentialAtif Ikram Sheikh President FPCCI & ECO CCI calls for revamping ECOTA to unlock ECO Region’s untapped trade potential

Karachi: President FPCCI and ECO Chamber of Commerce and Industry (ECO CCI) Atif Ikram
Sheikh has called for revamping and effectively implementing the ECO Trade Agreement
(ECOTA) to enhance intra-regional trade and transform the ECO region into a more integrated
and competitive economic bloc.

He said the ECO region currently accounts for only around 4% of global trade, while
intra-regional trade stands at approximately 8.75%, which is significantly below its actual
potential.

Atif Ikram Sheikh said the region possesses enormous economic advantages, including vast
hydrocarbon and mineral resources, a young and skilled population, strategic road and rail
connectivity linking Asia with Europe, and proximity to major markets such as China, India and
Russia. However, high tariffs and non-tariff barriers, limited product diversification, difficulties
in trade-related payments and regulatory differences continue to constrain regional trade.

He recalled that ECOTA was signed in 2003 and entered into force in April 2008 with the
objective of establishing an ECO Free Trade Area. However, differences in tariff structures,
incomplete product lists and concerns regarding equitable benefits have hindered its effective
implementation.

“ECOTA should not remain merely an agreement on paper. We need to address the outstanding
issues through sustained negotiations and develop a framework that provides balanced and
equitable benefits to all member states,” the ECO CCI President stated.

He proposed a balanced approach to tariff reductions, greater product diversification and
investment to enhance regional competitiveness, and stronger mechanisms for trade-related
payments. He also emphasized reducing transaction costs, improving regulatory transparency,
facilitating e-commerce and digital trade, and developing regional transport and logistics
infrastructure.

Atif Ikram Sheikh further suggested utilizing the resources of the ECO Trade and Development
Bank to support trade finance and regional infrastructure projects.

He stressed that Pakistan, as an active member of ECO and ECO CCI, would continue
supporting initiatives aimed at strengthening regional economic integration.

“The ECO region has all the ingredients of a powerful economic bloc. What we need is stronger
commitment, practical trade facilitation and a modernized ECOTA to convert our vast resources
and strategic location into greater trade, investment and shared economic prosperity,” he said.

Brig Iftikhar Opel, SI (M), Retd.

Secretary General