ECO to discuss trade, setting up of regional power grid
Sunday, 21 October 2007
ISLAMABAD, Oct 20 (PTI): Pakistan's Foreign Minister Khurshid Mehmood Kasuri left for Afghanistan yesterday to attend a meeting of ECO grouping that will discuss measures to boost trade and create a regional power grid.
The meeting of the council of ministers of the Economic Cooperation Organisation (ECO) to be held in Herat today will review progress in major projects, including a trade agreement, the ECO Trade and Development Bank, a transit transport framework pact and a feasibility study on the inter-connection of power systems of member states.
The ECO Trade Agreement (ECOTA) is expected to enter into force shortly and will lead to the establishment of a Free Trade Area in the region by 2015. ECO comprises Afghanistan, Azerbaijan, Iran, Kazakhstan, the Kyrgyz Republic, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan .
Pakistan, which is ECO's coordinating country, will seek the early operationalisation of the free trade agreement. There has also been progress in establishing the ECO Trade and Development Bank, which is expected to commence its operations by the end of 2007, state-run APP news agency reported.
The meeting will focus on steps to establish an ECO-wide power grid. Some ECO member states including Pakistan are deficient in electricity, while certain countries like Iran, Tajikistan and the Kyrgyz Republic generate surplus power.
A study is being conducted to develop regional inter- connectivity options to facilitate regional trade in electricity. Data has already been collected from Pakistan, Iran, Turkey, Azerbaijan and the Kyrgyz Republic in this connection.
The meeting of the council of ministers of the Economic Cooperation Organisation (ECO) to be held in Herat today will review progress in major projects, including a trade agreement, the ECO Trade and Development Bank, a transit transport framework pact and a feasibility study on the inter-connection of power systems of member states.
The ECO Trade Agreement (ECOTA) is expected to enter into force shortly and will lead to the establishment of a Free Trade Area in the region by 2015. ECO comprises Afghanistan, Azerbaijan, Iran, Kazakhstan, the Kyrgyz Republic, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan .
Pakistan, which is ECO's coordinating country, will seek the early operationalisation of the free trade agreement. There has also been progress in establishing the ECO Trade and Development Bank, which is expected to commence its operations by the end of 2007, state-run APP news agency reported.
The meeting will focus on steps to establish an ECO-wide power grid. Some ECO member states including Pakistan are deficient in electricity, while certain countries like Iran, Tajikistan and the Kyrgyz Republic generate surplus power.
A study is being conducted to develop regional inter- connectivity options to facilitate regional trade in electricity. Data has already been collected from Pakistan, Iran, Turkey, Azerbaijan and the Kyrgyz Republic in this connection.