1st meeting of High Level Experts Group on Trade, Investment

Ankara, 13-15 January 2004

 

Press Release
 

             A Fast Track Approach was adopted by the member states by reducing highest tariff slab from 15% to 10% within 5 years time instead of 8 years for early implementation of ECO Trade Agreement (ECOTA). The meeting proposed to amend the relevant Articles of the Agreement to match with fast track approach. Non-signatory member states of the Trade Agreement also expressed their desire to adopt the “fast track approach” and agreed to bring the issue to the attention of their governments. These significant achievements came up from the deliberations of the 1st meeting of High Level Experts Group on Trade, Investment and Other Related Matters, held in Ankara on January 13-15, 2004.

 

            It may be recalled that as a result of protracted deliberations spanned over 12 years by a series of HLEGs, finalized a text and Trade Ministers of the member states gathered in Islamabad and inked a promising document called “ECO Trade Agreement (ECOTA)” on July 17, 2003. The Trade Ministers desired to adopt a fast track approach in that meeting to accelerate progress in the region. They also established a new HLEG on Trade, Investment and Other Related Matters and mandated the task to work on the annexures for implementation of the Agreement and finalize draft Agreement on Promotion and Protection of Investment.

 

            The delegations from the Islamic State of Afghanistan, Islamic Republic of Iran, Kyrgyz Republic, Islamic Republic of Pakistan, Republic of Tajikistan, Republic of Turkey, Turkmenistan and Republic of Uzbekistan participated in the 1st HLEG meeting. The HLEG constituted two sub-groups to work simultaneously on the ECO Rules of Origin as well as draft Agreement on Promotion and Protection of Investment (APPI) on the sidelines of the main session. Sub-group comprising experts on investment matters deliberated on the draft APPI and a revised draft of the Agreement was submitted before the plenary for views and comments of the member states. The other sub-group composed of experts on Rules of Origin met separately and discussed proposed draft texts of the Rules of Origin circulated by the Islamic Republic of Iran, Pakistan and Turkey. They submitted their proposals on the Rules of Origin before the plenary session. Islamic Republic of Iran seized the opportunity to prepare the text of Rules of Procedure of the Cooperation Council for ECOTA. The revised draft text of Agreement on Promotion and Protection of Investment will be considered/finalized in its forthcoming meeting. They renewed once again their commitment to fully adhere the ECO Trade Agreement to reap its fruit.

 

            The decisions and resolution amending the ECOTA, adopted by the 1st meeting of HLEG together with a format for submission of the negative lists of products contained in the national schedule of concessions have already been sent to member states for taking necessary action on their part. The member states are expected to submit these lists within 2 months time for further consideration of the regional stakeholders. The participants seemed resolved to complete the all formalities required for the execution of ECOTA before December 2004.

 

            Experts are also meeting in Islamabad on March 9-10, 2004 to prepare ECO Rules of Origin for the Agreement ahead of 2nd meeting of HLEG on Trade, Investment and Other Related Matters scheduled for April 2004. The ECO Trade Agreement and the Resolution amending the ECOTA will be open for the signatures by the member states during the 2nd meeting of HLEG.

 

            The ECO Trade Agreement is anticipated gradual removal of tariff and non-tariff barriers and to create a region of open trade and commerce for bringing economic prosperity and betterment of the people of ECO region. The signatory member states are required to accelerate the process for ratification of the ECO Trade Agreement as early as possible and its operationalization. Non-signatory member states have been urged to accede this agreement for welfare of the region.

 

            The ECO Secretariat has been striving to provide member states a common forum for their regular interaction and close cooperation in the field of intra-regional trade. ECO always needs continued support of the member states to materialize plans and projects to enhance trade activities for development of the region.  It is hoped that with the implementation of this Agreement ECO would move more close to the realization of its aims and objectives.

      

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