2^nd Meeting of High Level Experts Group (HLEG) on Trade, Investment & Other Related Matters

Tehran, ECO Secretariat

Press Release

            The Second Meeting of High Level Experts Group (HLEG) on Trade, Investment & Other Related Matters was held from 17 to 19 March, 2005 in Islamabad, Islamic Republic of Pakistan. The delegations from the Islamic Republic of Afghanistan, Republic of Azerbaijan, Islamic Republic of Iran, Kyrgyz Republic, Republic of Kazakhstan, Islamic Republic of Pakistan, Republic of Tajikistan, Republic of Turkey and Republic of Uzbekistan participated in the Meeting.

2.         A Senior Official of the Islamic Republic of Pakistan inaugurated the meeting. In his speech he informed the meeting that Pakistan attaches great importance to trade enhancement among the ECO Member States and suggested that being blessed with natural resources, good industrial infrastructure, strong agriculture, technology and skilled professionals, ECO member states may pool their resources for rapid economic progress in the region. He also expressed Pakistan’s commitment to the objectives of the Economic Cooperation Organization aimed at rapid progress towards socio-economic uplift of the ECO member states.

3.         The Representative of Economic Cooperation Organization (ECO), in his statement, stressed on the liberalization of trade among ECO member states as it is gaining more importance in the modern trading system. He said that one of the basic objective of ECO is to establish Free Trade Area in the region and the ECO is striving to achieve the goal by 2015. He said that it is imperative that in order to achieve maximum potential in terms of intra-regional trade, tariffs be lowered and non-tariff barriers be eliminated.

4.         The ECO Trade Agreement (ECOTA) signed, in July 2003, in the 2^nd ECO Ministerial Meeting on Commerce/Foreign Trade, was a great step forwards towards the achievement of this important goal.

5.         The  main focus of the meeting was the speedy implementation of ECO Trade Agreement (ECOTA) for adopting Fast Track Approach, finalization of ECOTA’s annexes and Agreement of Promotion and Protection of Investment.

6.         HLEG agreed on formulation of a Draft Optional Protocol on the Fast Track Approach to ECO Trade Agreement for submission to the Third ECO Ministerial Meeting on Commerce/Foreign Trade for consideration/approval in July 2005 in Turkey. The Meeting also made progress towards the finalization of its other annexures e.g. anti-dumping measures, state aid and intellectual property rights, rules of procedures for the Cooperation Council. The Meeting made considerable progress towards the finalization of the Draft Agreement on Promotion and Protection of Investment in the ECO region. The documents would be finalized during the next Meeting of the HLEG before submission to the ECO Ministers of Commerce/Foreign Trade.

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