Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) and the Economic Cooperation Organization (ECO) have emphasized the necessity of organizing trade summits and specialized exhibitions to bolster economic collaboration among member states.
In a meeting in Tehran on Tuesday, ICCIMA President Samad Hassanzadeh and ECO Secretary General Asad Majeed Khan addressed the longstanding lack of implementation of previously agreed-upon accords among ECO members.
Hassanzadeh highlighted six key agreements under the ECO framework aimed at facilitating trade, lamenting the lack of progress on these initiatives.
These agreements, including the establishment of a cultural institutions, reinsurance companies, a trade development bank, and a standardization institute, are essential to enhancing inter-member relations, Hassanzadeh stated.
He described the current intra-ECO trade volume as insignificant, accounting for as low as 7% of global trade. Hassanzadeh highlighted the need for giving a boost to trade exchanges between member states.
Challenges including lengthy visa processes, the absence of direct flights, inconsistent financial channels, and varying trade regulations were cited as significant barriers to deeper cooperation.
ECO Secretary General Majeed Khan, said he has been contributing to drafting the ECO trade agreement over the past two decades, while regretting that it has not been implemented yet.
ECO has the potential to play a pivotal role in fostering trade alliances, he said, underlining his commitment to reinvigorating the organization during his tenure.
Majeed Khan called for a review of past agreements, streamlined tariffs, and increased government-to-government collaboration to overcome structural and legal obstacles.
ECO's collective trade volume, estimated at $1.8 billion, remains a fraction of global trade, he said, underscoring the urgency of more efforts to encourage trade exchanges between the member countries.