PAECO moot adopts Islamabad Declaration

ISLAMABAD: The Second General Conference of the Parliamentary Assembly of Economic Cooperation Organisation (PAECO) ended on Wednesday after adopting the Islamabad Declaration, underscoring the importance of transit trade, reducing the cost of doing business, and financial infrastructure in expanding intra-regional trade volumes and emphasized on the need of simplification of visa processes for businessmen and tourists.

National Assembly (NA) Speaker Asad Qaisar, who was also elected as the PAECO Chairman, presented the Islamabad Declaration to the Prime Minister Imran Khan, who later addressed closing session of the two-day event.

The PAECO comprehended the important role of tourism in strengthening people-to-people contact, cultural cooperation and regional development and underlined the importance of participation of women in socio-economic development. The forum also suggested activities like operation of web-portal for women entrepreneurs, exchange of delegates, holding of exhibitions and organising training workshops.

The PAECO reaffirmed solidarity with the oppressed people of Palestine and Illegally Indian Occupied Jammu and Kashmir (IIOJ&K) and condemned their gross human right violations.

The forum deplored the unilateral economic sanctions and extra-territorial jurisdiction or political pressures as tools applied in violation of the United Nations Charter and International Law and expressed our full support to ECO member states affected by such illegal tools.

The general conference also underlined the significance of PAECO in exploiting the potential of parliamentary diplomacy to bring about regional connectivity and economic integration in the ECO region.

The PAECO also expressed thanks to the National Assembly of Pakistan for hosting the 2nd General Conference of PAECO, recognised efforts of Pakistan in meeting financial needs of PAECO since 2013 and welcomed the offer of Afghanistan to hold the 3rd General Conference of PAECO in 2022 in Kabul.

The forum also underlined the need to enhance parliamentary dialogue and interaction under the umbrella of PAECO as an effective tool in fulfilling ECO’s socio-economic objectives.

The conference strongly supported and encouraged the implementations, operationalisation and strengthening of the following mechanisms and arrangements within the ECO such as ECO Trade Agreement (ECOTA), ECO Trade and Development Bank, ECO Reinsurance Company, ECO Regional Institute for Standardisation, Conformity Assessment Accreditation and Metrology (ECO –RISCAM), Agreement on Promotion and Protection of Investments among ECO Member States and ECO Transit Transport Framework Agreement (TTFA) and building blocks for regional cooperation and integration as well as increase in the intra-regional trade and connectivity among ECO member states.