Manzar Alam, Chairman, Advisory Board, Korangi Association of Trade and Industry (Kati), commenting on the joint communiqué issued by the Finance Ministers of the Economic Co-operation Organisation (ECO) at the conclusion of their meeting in Islamabad, has said that the decision to set up an Istanbul-based ECO Development Bank with $100 million and ECO reinsurance company is a step in the right direction, which would have positive impact on the economies of ECO countries.
He said, "It is heartening to note that ECO Finance Ministers also agreed to set up a common grid system of the ECO states to pool electricity surpluses and shortages and to form a pressure group at the international financial institutions to influence their decisions in favour of member states.
All these decisions would go a long way leading to greater regional co-operation, integration of economic and financial links and thereby facilitate trade and commerce amongst ECO countries, he added.
Manzar said that Pakistan exported goods worth $317.20 million to ECO countries and imported goods worth $ 221.08 million during 2001-02, thus having a favourable trade balance of $ 96.12 million.
He expressed confidence that with the decisions announced in the communiqué, Pakistan's exports to ECO countries would further increase in the years to come.
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