A Working Group Meeting on the Global Financial Crises: Lessons learned and Experiences Gained by the ECO Member States was held in Tehran on February 24-25, 2010. High level delegates including Deputy Ministers, Heads of Central Banks, Chambers of Commerce & Industries and Senior Officials of the Ministries of Finance and Economy of all the ECO Member States participated in the meeting. The Secretariat was represented by a delegation head by H.E. the Secretary General.
Three Panels comprising delegates from the Economic Affairs and Finance Ministries, Central Banks and Chambers of Commerce and Industries of the ECO Member States were constituted to discuss relevant issues and formulate suggestions/recommendations.
The experts in the Panel of Economic Affairs and Finance suggested the Member States to consider bringing improvements for harmonization of policies, efficiency of regulations and regulatory bodies, enhancement of competitiveness, standards and safe guard against similar challenges in future.
The Panel of Financial and Monetary Regulations suggested that in the short-term, liquidity and investment flows are to be ensured by the developing countries. Similarly, stable commodity and energy prices in the mid-term would help contain inflationary trends. The Panel proposed that as an alternative, the regional States may consider to develop Islamic financial instruments and enhance regional trade in order to avert such crisis in future.
The Panel of Chambers of Commerce and Industries stressed the need for taking urgent measures for removal of Non-Tariff Barriers (NTBs) which impede expansion of regional trade. The Panel urged that implementation of the ECO Agreement on Visa Simplification for Businessmen and Transit Drivers be accorded highest priority for increased interaction, strengthening business relations and experience sharing. The experts were unanimous in their views that expansion in intraregional trade is essential for progress in the areas of investment, industry, employment and growth of services sector. Increased use of electronic trade to facilitate commercial and trade transportations was regarded as necessary for paving the way for a more active role of the private sector.
The meeting underlined the need for collaboration among the larger banks and financial institutions to establish an ECO Joint Investment Fund to be utilized against unforeseen situation emerging in the international markets. It also reiterated the need for representatives of ECO Member States at the international financial institutions such as IMF, World Bank, ADB and IDB etc. to form a contact group for regular meetings and cooperation on the issues of interest to the ECO region.
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