Union of Chambers and Commodity Exchanges of Turkey

The opening of the Economic Cooperation organization Chamber of Commerce and Industry (ECO CCI) 20^th Executive Council Meeting was hosted by TOBB President M. Rifat Hisarcıklıoğlu with the attendances of the Minister of Development Cevdet Yılmaz, ECCO CCI and Federation of Chambers of Commerce and Industry of Pakistan Chairman Mian Muhammad Adrees, ECO Secretary General Halil İbrahim Akça and Iran Chamber of Trade, Industry, Mining and Agriculture Vice Chair Gholamhossein Shafei.

TOBB President Rifat Hisarcıklıoğlu stated that the sun is once again rising from the east in regards to global economy, stressing the need to eliminate obstacles to trade. Hisarcıklıoğlu reported that Turkey draws in 25 billion USD annually in foreign capital and expressed their wish to have the ECOTA enter into effect in all ECO Region countries. Hisarcıklıoğlu stated that the ECO Region is underperforming when its full economic potential is taken into account.

Emphasizing the importance of modernizing customs gates, Hisarcıklıoğlu underlined the need to standardize customs procedures similar to what is being coordinated between Turkey and Iran.

Pointing out that the matter of arbitration also requires resolution, Hisarcıklıoğlu said, “As ECO, we are discussing where we should establish the arbitration system, we should instead establish the system.”

- Development Minister Yılmaz

Development Minister Cevdet Yılmaz emphasized the strategic importance of ECO, pointing out that economic activity has shifted from west to east in intensity. Minister Yılmaz urged the utilization of ECOTA to increase prosperity in the region.

- Other speakers

ECCO CCI and Federation of Chambers of Commerce and Industry of Pakistan Chairman Mian Muhammad Adrees stated that we are facing untraditional threats and dangers and said that increasing interregional cooperation contributes to development and trade.

Iran Chamber of Trade, Industry, Mining and Agriculture Vice Chair Gholamhossein Shafei stated that recent crises could be an opportunity for countries to come closer to each other.

An agreement between TOBB and the Afghanistan Chamber of Commerce and Trade was signed in regards to the formation of a work committee. Signing the agreement were TOBB Board Member Yahya Toplu and Azarakhsh Hafizi on behalf of Afghanistan.

- Final declaration

Also reviewed during the meeting were the final declarations from council meetings of Transportation, Facilitation of Trade, Industry and Investment, Tourism and Arbitration Committees as well as the Women Entrepreneurs Council. The declaration was read out by ECCO CCI and Federation of Chambers of Commerce and Industry of Pakistan Chairman Mian Muhammad Adrees. Adrees stated that the meetings which took place throughout two days were exceptionally fruitful and productive; he also thanked TOBB for hosting the event.

Adrees spoke on the various issues discussed in the declaration such as drawing in investments, increasing bilateral trade among ECO countries, Sharia-compliant banking tools and halal products, science, industry and technology.

TOBB Board Member Yahya Topuklu thanked and congratulated all attendees for the very successful meetings held throughout the two days.

Afghanistan representative Azarakhsh Hafizi expressed his thanks for the support of his suggestion that the next meeting be held in Afghanistan.