The 16th Executive Committee and Specialized Committees (i.e Tourism, Arbitration, Trade Facilitation, Transport, Women Entrepreneurs Council, Industry and Investment Meetings of the ECO Chamber of Commerce and Industry were held on Nov 19-21,2011 in Karachi, I R Pakistan with participation of representatives of the Chambers of Commerce and Industry of the Republic of Turkey, Islamic Republic of Iran, Islamic Republic of Pakistan, Kyrgyz Republic, Republic of Tajikistan, Republic of Kazakhstan and Islamic Republic of Afghanistan as well as the representative of ECO Secretariat participated.

1) Arbitration Committee Meeting of ECO CCI

November 19, 2011, Karachi I R Pakistan

The Second meeting of the Arbitration Committee of ECO Chamber of Commerce and Industry, hosted by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) was held on November 19, 2011, in Karachi_ I R Pakistan. The representatives of the Arbitration Committee from Chambers of Commerce and Industry of the Islamic Republic of Iran, Republic of Turkey, Islamic Republic of Pakistan, Republic of Tajikistan, Republic of Kazakhstan, and the Islamic Republic of Afghanistan, as well as (a) representative(s) from the ECO Secretariat participated in the meeting.

The Chairman of the Arbitration Committee, Dr. Mohsen Mohebbi, delivered his speech on the history of the ECO CCI Arbitration Committee and the trends in this relation. He expressed the hope that by establishment of the ECO CCI Arbitration Center it will be able to compete with similar international arbitration Centers. He asserted that proper procedure and arbitration rules and qualified and efficient organization are the two main ingredients for the establishment of ECO CCI Arbitration Center for which ECO CCI has prepared and adopted its own arbitration rules and also the Internal Regulations of the ECO CCI Arbitration Center. He added the Arbitration Centre will not interfere with the parties free choices during arbitration proceedings but will solely supervise proper conduct of arbitrations in the cases referred to the Centre.

He accounted the rules, cost and confidentiality as the three most important factors of any efficient arbitration organization which shall be covered by the ECO CCI Arbitration Center. He described the Regional Planning Council (RPC)'s approval of the Internal Regulations of the ECO CCI arbitration Center in it's 21st Session on May 17-19,2011 in Tehran as a great achievement and as a green light of RPC to Arbitration Centre to proceed.

The Chairman of the ECO CCI Arbitration Center also appreciated the Federation of Pakistan CCI's (FPCCI) as well the Union of Turkish Chambers and Commodity Exchanges (TOBB) for presenting the ECO CCI Secretariat with their comments on the Internal Rules of the ECO CCI Arbitration Center. He confirmed that the opinions received from each ECO-CCI member chamber have already been incorporated into the Internal Regulations of the Center.

Further on ,The Secretary General of ECO CCI Dr M R Karbasi presented a report on latest implementations made with respect to ECO CCI Arbitration Affairs. He said that the ECO Chamber of Commerce and Industry Secretariat is striving to arrange concerted efforts and create consensus among the chambers of commerce of ECO member countries and their respective countries' Arbitration agencies and organizations through the ECO Secretariat .

He stated that as per the decision of last session of the ECO CCI Arbitration Committee held in January 2011 in Tehran, the Member Chambers were requested to consider the Internal Regulations of the Arbitration Center and express their amendment proposals, if any, within 3 months to the ECO CCI Secretariat. Pakistan and Turkey have forwarded their comments, suggestions and notes to the ECO CCI Secretariat. He proposed to approve the amended draft Internal Regulations at this session to further precipitate the establishment of the ECO CCI Arbitration Center.

He informed the meeting that in line with suggestions made by some chamber members in Tehran meeting a workshop on arbitration is planned to be held in Tehran in the near future by the ECO Secretariat in collaboration with the ECO CCI and the United Nations Commission on International Trade Law (UNCITRAL).

He also proposed that the Member Chambers shall at the earliest convey to ECO CCI Secretariat , their respective reports of legal infrastructures for faster processing of the implementations for establishment of the ECO CCI Arbitration Center as a major pillar of the intra-ECO trade enhancement initiatives.

The Meeting asked the ECO CCI Secretariat to follow up the studies carried out by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to establish a dispute settlement mechanism among the OIC Member Countries.

Taking into consideration the inadequacy of comments received from the Member Chambers on the Internal Regulations of the ECO CCI Arbitration Center , the participants called the Member Chambers to relegate their views and comments on the draft text; and within this context the Meeting requested the ECO CCI Secretariat to circulate once more the amended Internal Regulations of the ECO CCI Member Chambers in line with the views and comments of Member Chambers.

The Meeting requested the ECO CCI Secretariat, in cooperation with the ECO Secretariat, to elaborate on an international arbitration convention to provide a legal framework for dispute settlement among Member Countries to be relegated for the considerations of Heads of States/Governments of ECO CCI member states.

The Meeting mandated the ECO CCI Secretariat to submit the establishment of ECO CCI Arbitration Center and the need for signing an International Arbitration Convention among ECO member states to the agenda of 22nd Regional Planning Council for the considerations of all ECO member states.

It was decided to submit the establishment of the ECO CCI Arbitration Center and the signing of an international arbitration convention among ECO member states to the decision/approval of the next Council of Ministers Meeting (COM) and the next ECO Summit.

It was also requested that in compliance with the resolution of RPC, the member chambers shall specify within 3 months the nature of support they may require from the RPC for the promotion of the ECO CCI Arbitration Center. The Chairman also requested the member chamber to advise ECO CCI Secretariat if they are prepared to organize educational and promotional seminars on international commercial arbitration in their home country, for further coordination by secretariat.

It was decided that the date and venue of the 3rd Meeting of Arbitration Committee of ECO CCI would be decided on the sidelines of the next EC Meeting.

2) Trade Facilitation ECO CCI

November 19, 2011 Karachi- I R Pakistan

The Third meeting of the Trade Facilitation Committee of the ECO Chamber of Commerce and Industry, hosted by the Federation of Pakistan Chambers of Commerce and Industry, (FPCCI) was held on November 19, 2011, in Karachi, I. R. Pakistan. The delegates of the Trade Facilitation Committee from Chambers of Commerce and Industry of the Islamic Republic of Pakistan, Republic of Turkey, Islamic Republic of Iran, Republic of Kazakhstan, Islamic Republic of Afghanistan and Republic of Tajikistan, as well as a delegate from the ECO Secretariat participated in the meeting.

Mr. Amjad Rafi , Chairman of Trade Facilitation Committee delivered his statement. Stating that the reference material that will be used is the report on Trade Facilitation prepared by Pakistan originally approved in Ankara in the 14th Executive Committee Meeting of ECO CCI in June 2010. He said that this report highlighted the following key areas of trade facilitation: ECOTA, Visa simplification, and Fairs and exhibitions. He mentioned the recommendations that were provided in this report for each of the above areas, and enquired the ECO CCI and ECO Secretariat to inform the participants of the meeting regarding the progress made in this respect.

Dr. Mohammed Reza Karbasi, Secretary General, ECO CCI presented the action report on the decisions contained in the 2nd Trade Facilitation Committee Meeting Report. He mentioned that the ECO CCI is trying to create common understanding among the chambers of commerce of ECO member countries and their respective countries' Trade Facilitation related organizations. However, due to the fact that signing of agreements does not guarantee their implementation; therefore, the ECO CCI has made correspondence with the ECO Secretariat to take an active part in monitoring the developments achieved in the fields of ECOTA, Agreement on Simplification of Visa Procedures among ECO Countries and ETDB within a multitude of correspondence and communications. He made certain recommendations relating to the implementation of ECOTA, ETDB and visa issuance to transit drivers of the member countries.

The members of the Trade Facilitation Committee discussed ways and means of regular organization of ECO Annual Trade Exhibitions. It was decided that in view of the fact that Kazakhstan was unable to host the ECO Trade Exhibition, Iran was in the process of finalizing details regarding its ability to hold the ECO Exhibition (tentatively in September 2012). The Chairman thanked Iran for taking this initiative, and assured him of all possible help from Pakistan in this regard.

The Meeting stressed the importance of circulating information on ECO Trade Fairs as well as on the international trade fairs to be held in any Member Country at least 3 months prior to the fair & exhibition. The Meeting further took note of the proposal made by TOBB on operating the ECO CCI web site, which has been established and functionalized under the Presidency of TOBB, in line with the directions of the ECO CCI Secretariat. It also appreciated the proposal made by TOBB in taking initiative on customs/border gates modernization.

The participants deliberated the optimal holding of the ECO Business Forum. It was stated that over the past four years, there has been no meeting of the ECO Business Forum.

The Secretary General of the ECO CCI stated that the proposal by Afghanistan to host the Business Forum and buyers / sellers meetings in Kabul next year would be followed up with the Afghanistan Chamber of Commerce. ECO Secretariat will have to provide financial support to Afghanistan in order for it to host these events.

Capacity building in the Chambers of Commerce of Central Asian countries as an approach for development of private sector activities was discussed.

The Chairman stated that as founding members, the greater responsibility lay with Turkey, Iran and Pakistan to help the ECO chambers with capacity building. He invited written recommendations from the CARs regarding their capacity building needs.

The delegate from Iran said that Iran was holding an International Branding Conference in December 2011 which CARs were especially encouraged to participate in. The host country will provide local hospitality to two delegates from each ECO Member Chambers.

The Meeting appreciated the activities carried out by TOBB in cooperation with IDB in capacity building of ECO Member Chambers and called the ECO CCI Secretariat to hold similar capacity building programs.

Iran and Pakistan's offer for provision of free exhibition area to each others firm in its international fairs and exhibitions on a reciprocal basis was discussed. It was stated that the details regarding this would be worked out in the near future, and all ECO countries must explore the possibility of giving free/concessional space in their exhibitions to ECO member states.

The participants suggested that there appeared to be a problem in coordinating dates and venues, so perhaps all ECO events (such as ECO Business Forum, ECO Exhibition, etc) should be held in one convenient place at a time so that all member countries could effectively participate.

The ECO Trade and Development Bank's collaboration with Pakistan was acknowledged and similar measures were encouraged

It was decided that the date and venue of the 4th Meeting of Trade Facilitation Committee of ECO CCI would be decided on the sidelines of the next EC Meeting.

3) Fourth Women Entrepreneurs Council Meeting of ECO CCI

Karachi- I R Pakistan Nov 19, 2011

The Fourth meeting of ECO Chamber of Commerce and Industry Women Entrepreneurs Council (ECO CCI WEC), hosted by Federation of Pakistan Chambers of Commerce and Industry held in Karachi, Pakistan on 19th November 2011. The representatives of the Women Entrepreneurs Council from Chambers of Commerce and Industry of the Republic of Turkey, Islamic Republic of Iran, Islamic Republic of Pakistan, Republic of Tajikistan, and Republic of Kazakhstan, the Islamic Republic of Afghanistan as well as the representative of ECO Secretariat participated in the meeting.

Dr. Mohammed Reza Karbasi, Secretary General ECO CCI . recommended the Tajikistan Chamber of Commerce and Industry to deliver its proposed package for the free exhibition areas of ECO Businesswomen at the international exhibitions in Tajikistan including the area-space-location and the process of utilizing the incentives for further follow up

In order to address the countless problems facing the businesswomen activities in the ECO region, he invited all the member chambers to share their knowledge and experiences for alleviating the problems, being faced by member countries. He welcomed all proposals and suggestions received from ECO CCI WEC for taking steps towards enhancing of the businesswomen's activities.

Heads of delegation/members of ECO CCI WEC from the participating Members Chambers delivered their statement and proposals

The meeting proposed that ECO-WEC may use the free services of the e-portal Mizlink Pakistan for networking among the women entrepreneurs of member countries and promoting trade and their products through this portal in order to develop better business knowledge through this portal. http://www.mizlink-pakistan.com

The meeting requested the ECO Secretariat to follow up the implementation of three decisions under Agenda Item No. 5 taken by the 3rd ECO CCI WEC meeting held in Tehran, Iran on 18th January 2011.

The meeting appreciated the proposal made by Mrs.Safak Civici to hold a Women Entrepreneurs Forum in Turkey in September 2012.

The meeting appreciated the offer of Tajikistan Chamber of Commerce and Industry to provide a package for free exhibition areas for ECO Businesswomen at the international exhibitions in Tajikistan including the area-space-location. The date of the event will be communicated soon.

It was also suggested that the idea of Women Enclave proposed by Dr. Shehla Javaid Akram, VP (Designated) FPCCI could be shared with ECO CCI WEC for developing and marketing the products of women entrepreneurs in member countries.

The meeting proposed that six Central Asia Republic (CARs) may jointly organize one of the ECO events whereby other member countries could join them.

Tajikistan offered to host the next WEC of ECO CCI in Dushanbe Tajikistan. Also Turkey offered to host the national WEC Forum of ECO member countries to be held in Turkey in August/September 2012.

Further on ,the participants raised issues relating to the requirements of members of WEC to be categorically noted. It was also proposed that Secretary General of ECO CCI may under take visits to ECO member countries to ensure their participation in the ECO CCI meetings and events.

As the ECO Chamber of Commerce and Industry plans to hold and host the Workshop on Empowerment of the Women Entrepreneurs of ECO member countries in Tehran- I R Iran all the member chambers were requested to introduce their delegates to the said event, and deliver a presentation containing : A Report on Introduction of Achievements and Experiences (success stories) of 5 Most Prominent Businesswomen of your respective countries which will be published in the ECO CCI website.

The Meeting appreciated Tajikistan Chamber of Commerce for their offer to hold the 5th Meeting of ECO CCI WEC in Tajikistan, tentatively in April 2012. The approved date will be communicated later to the ECO CCI Secretariat by the Tajikistan CCI along with all the details of custom procedures and exhibition space etc.

4) Tourism Committee Meeting of ECO CCI

November 20, 2011, Karachi I R Pakistan

The Second meeting of the Tourism Committee of ECO Chamber of Commerce and Industry, was held on Sunday November 20, 2011, in Karachi, I R Pakistan hosted by Federation of Pakistan Chambers of commerce and Industry (FPCCI). The representatives of the Tourism Committee from Chambers of Commerce and Industry of the Islamic Republic of Iran, Republic of Turkey, Islamic Republic of Pakistan, Republic of Kazakhstan, Republic of Tajikistan, Islamic Republic of Afghanistan as well as a delegate from the ECO Secretariat participated in the meeting..

The ECO CCI Secretariat demanded the comments and proposals of the Member Countries regarding the statute of the ECO Tourism Holding Company for further processing, as well as preparation of the grounds for establishment of the offices of Islamic Countries' Health Tourism Association (ICHTA) in their respective countries in collaboration with the relevant authorities .

Pakistan offered to provide distance learning, as well as three (3) months training courses to the participants of ECO member countries, particularly Central Asian Countries.

The meeting proposed that ECO CCI shall study on the needs of the Central Asian Countries regarding tourism training in order to conduct a well-oriented tourism training program either in Turkey or Pakistan. Hence , ECO Secretariat may explore finding other sources such as Islamic Development Bank (IDB) for such training programs.

TOBB proposed drafting a concept paper on the tourism training program and reiterated its intention to hold the training program in cooperation with the Islamic Development Bank, ECO CCI Secretariat and the ECO Secretariat. The training program is scheduled to be held in April/May 2012, in Turkey.

Member Countries representatives delivered the session their opinions on the 'Establishment of the ECO Tourism Holding Company'. It was decided that the establishment of the "ECO Tourism Holding Company" is premature at this stage.

It was decided that joint packaging / staff training / marketing initiatives be followed in shared efforts of Member Countries in the first place to provide a solution for joint operation in a strategic way so as to cooperate with each other to develop tourism industry in ECO countries.

Member chambers were called to send information on the potential tourism industry in order to promote and attract and exchanged tourist within the ECO region. This information will be published in the ECO CCI website.

It was decided that from each member country a contact person be designated for further collaborations and considerations regarding visa issues and other tourism related matters.

Regarding the "Hotels Forum" and the "Tour Operators' Forum" it was decided that the ECO CCI will follow up the issue with the said contact persons from the Member Chambers.

5) Transportation Committee Meeting of ECO CCI

November 20, 2011 Karachi- I R Pakistan

The third meeting of the ECO Chamber of Commerce and Industry Transportation Committee, was held on November 20, 2011, in Karachi I. R. Pakistan hosted by Federation of Pakistan Chambers of Commerce and industry (FPCCI). The delegates of Transportation Committee from Chambers of Commerce and Industry of the Republic of Turkey, Islamic Republic of Iran, Islamic Republic of Pakistan, Republic of Kazakhstan, Republic of Tajikistan, and Islamic Republic of Afghanistan as well as a delegats from the ECO Secretariat participated in the meeting.

Following proposals were made at the session :

Multiple entry visas valid for all ECO states to drivers of carriers and business communities of ECO member countries,Driving licenses issued by the ECO States be acceptable by all ECO countries.,Cargo Carriers be allowed to cross the border irrespective of their status of left or right hand drive.,Customs Check points be established at all boarders check points,Extra fees charged to the drivers of container trucks be either alleviated or eliminated,Unavailability of seamless system of cargo provision and marketing for the ECO train be addressed in collaboration and consultation of the ECO Secretariat and relevant officials, Difference in the working hours in the customs offices of member countries be addressed in communications of the ECO Secretariat with relevant authorities in member countries were among the proposals made during the session .

The ECO Chamber of Commerce and Industry declared its readiness to collaborate in encouraging the investors of the region to either construct a new bridge alongside the Charjou bridge or restore the said Bridge in Turkmenistan and the Sarakhs Bridge as two identical border bridges, subject to the approval by the officials of Turkmenistan and Iran respectively.

The meeting was informed that the familiarization workshop hosted by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) will be held for the tour operators of ECO member countries regarding the capacities and tourist attractions of the Silk Road on the sidelines of the next meeting of the ECO CCI Transportation Committee.

The ECO CCI Secretariat was mandated to deliver forms on road map/ work plans in the field of transportation for providing information on the barriers to transport and border crossing in member countries which will be duly filled and returned by member chambers for further processing by the ECO CCI Secretariat

The ECO CCI Secretariat was requested to follow-up with ECO Secretariat regarding the survey soon to be completed jointly by IRU/ECO outlining the barriers to transportation.

The meeting decided that the date and venue of the 4th Meeting of Transportation Committee of ECO CCI will be determined at the 16th ECO CCI Executive Committee Meeting.

6) Industry & Investment Committee Meeting of

ECO Chamber of Commerce and Industry (ECO CCI)

November 20, 2011 Karachi- I R Pakistan

The Third meeting of the Industry and Investment Committee of ECO Chamber of Commerce and Industry, was held on September 05, 2011 in Karachi, I R Pakistan hosted by Federation of Pakistan Chambers of Commerce and Industry. The representatives of the Industry and Investment Committee from Chambers of Commerce and Industry of the Republic of Turkey, Islamic Republic of Iran, Islamic Republic of Pakistan, Republic of Tajikistan, Republic of Kazakhstan, and Islamic Republic of Afghanistan as well as the ECO Secretariat participated in the meeting.

Taking into consideration that the Potential Industrial Investment Attraction Report of only Turkey has been prepared, which was delivered to the meeting. It was proposed that :

1- The honorable member chambers send a draft report to the ECO CCI comprising the industrial structures in their respective country, the sectors that have the potential to attract foreign investment as well as the foreign investment environment in each member country.

2- The augmentation of the capital and delivery of trade and commercial services by the ECO TDB be pursued in consultation with the ECO Secretariat and the Central Banks of founding member countries .

3- The Agreement on Promotion and Protection of Investment (APPI) shall be executed in a fast track approach to further facilitate and accelerate the intra-ECO investment activities, in this respect due arrangements shall be made by the ECO Secretariat and relevant officials of member countries.

It was also decided that the ECO CCI shall follow up the matters to get the report for further proceeding.

It was agreed that pharmaceuticals, construction, textile and plastics sectors could be the agenda for the fourth ECO Buyer - Seller Meeting to be held in 2012 in Kabul, Afghanistan. Trade Exhibitions of ECO particularly of pharmaceutical sector shall also be held in ECO Countries.

16th Executive Committee Meeting of

ECO Chamber of Commerce and Industry (ECO CCI)

Karachi- I R Pakistan -November 21 2011

The 16th Executive Committee meeting of ECO Chamber of Commerce and Industry (ECO CCI), hosted by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) was held on November 21,2011 in Karachi, I R Pakistan . The Presidents/Vice Presidents/ Representatives of the Chambers of Commerce and Industry of the Republic of Turkey, Islamic Republic of Iran, Islamic Republic of Pakistan, Kyrgyz Republic, Republic of Tajikistan, Republic of Kazakhstan and Islamic Republic of Afghanistan as well as the representative of ECO Secretariat participatedI.

H.E Dr. Mohammed Nahavandian ,President of Iran Chamber of Commerce, Industries and Mines (ICCIM) and ECO Chamber of Commerce and Industry (ECO CCI), H.E. Senator Haji Ghulam Ali, President FPCCI, Mr. Sultan Ahmad Chawla, Vice President ECO CCI and H.E. Rifat Hisarciklioglu, President TOBB delivered their opening statements.

H.E. Dr Mohammad Nahavandian, President, ECO CCI delivered a speech on the ways and means of expansion of intra ECO trade in the region as well as on the progress report of ECO CCI. He welcomed all the participating delegations and appreciated the contribution of H.E. President FPCCI and Mr. Sultan Ahmad Chawla Vice President, ECO CCI, Syed Masood Alam Rizvi, Secretary General FPCCI and their staff in holding this meeting.

He highlighted the recent economic trends of the world, the recession in U.S and European countries blaming the way globalization was managed for the recession caused. Thereafter, he elaborated the regional cooperation as the next stage to globalization and ECO in special with its vast human resources and markets. Once they utilize their capabilities they will become stronger and intra ECO trade and investment will be increased.

The ECO President accounted Asia as the world largest economy and invited the member countries to think ways to promote the intra regional trade by utilizing the advantages of projects such as Istanbul – Tehran – Islamabad train. He asserted the need of harmonizing and interlinking the customs and banking relations without third parties and use of national currencies for promotion of ECO Intra Trade.

On Tariffs ECOTA in particular, the authorities have to be pushed to implement the agreement. Expansion of joint investments was another area covered by the ECO CCI President. He suggested that more annual meetings of specialized committees could be held using video conferencing.

The heads of Delegations / Presidents / Representatives of participating Member Chambers delivered their statements:

The Afghanistan delegate stated that Afghanistan at present is the most disturbed area in the world. The effects of poverty and lack of security which hinder economic progress in Afghanistan. He indicated that private sector is playing an important role for the last ten years in the development of business in Afghanistan.

The Kazakhstan delegate appreciated the hospitality of FPCCI extended to all the delegates since their arrival in Karachi and for excellent arrangements for holding this event. She mentioned that Central Asian Republics are not playing an active role in the activities of ECO CCI due to language barriers and proposed that ECO CCI should remove this hurdle. She also proposed that Customs Union of the ECO countries may be established to open borders for enhancing ECO Trade. She sought assistance of Member Chambers for providing training to their people to make their businesses more market oriented

The Kyrgyzstan delegate highlighted the role of his country in connecting Central Asia to China and Russia markets stressing the necessary of Visa and cross border facilitation.

He defined the role of the Karakoram highway in the transport and transaction of the region in this respect.

Tajikistan delegate reasserted the Tajikistan's energy resources and its role in the economy and the interest of the country in tourism area and invited the ECO investors to collaborate with the country.

H.E. Haji Ghulam Ali President FPCCI welcomed the participating delegates and expressed sympathy with the Turkish delegation with regard to loss of life and damage to property due to earthquake in Van province. He thanked the President of ECO CCI for approving the FPCCI's hosting of the ECO CCI's 16th EC and Specialized Committee meetings. He criticized the law level of intra ECO business giving indicators of the region's economy trends, highlighting the communication and transportation Problems which need to be properly addressed. Also the financial and banking communications was covered by his speech.

H.E. Rifat Hisarciklioglu President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) addressed the meeting. He reiterated the transitional conditions in the world economy stressing on the role of macro economic stability in prosperity through the economic crisis. He criticized the non implementation of the regional agreements in ECO like ECOTA resulting in the low level of intra ECO Trade (7%). Market economy and diversification of production were the main approaches that President TOBB Suggested. He further expressed his wish for the Arbitration Services to be available in the ECO Countries in order to boost the intra ECO Investments. Development of the transportation infra structures, roads, parts and railroads as well as revitalization of the Silk Road. Simplification of customs regulations and procedures and goods idleness were among the topics he covered. The modernization of the customs gates was also addressed by him as a major intra-ECO trade impediment giving the Turkish experience. He also addressed the effective utilization of ECO Trade Development Bank for the ECO private sectors.

H.E. Dr. Mohammad Nahavandian, President ECO CCI explained the rationale behind Iraq's request to join ECO and its benefits for the region's economy.

President ECO CCI informed the house that ECO Bank has an agreement with the Islamic Development Bank to provide financial support to joint venture projects between the two member countries in such a way that ECO Bank and IDB will cover 30% and 70% of the project cost respectively.

Dr Mohammad Reza Karbasi, Secretary General, ECO CCI presented the detailed report on the activities and programs of the ECO CCI Secretariat undertaken since the new chairmanship in Jan 2011.

Mr. Mohammad Farooq, representative of the ECO Secretariat presented his report informing the meeting about the action taken by ECO Secretariat for the implementations regarding the ECO agreements.

He delivered his presentation on the status of the proposal for facilitating the ECO Visa Sticker.

Heads of each of the following six Specialized Committees of ECO CCI delivered their statements informing the meeting about the progress and current status regarding the decisions made in their respective committees

Ways and means of Joint investment in the ECO Region was presented by Mr. Seyed Hossein Salimi, from Iran, under this agenda item in which he proposed the ECO member countries to make joint investment for production of finished materials out of the available raw materials in the region. He further asserted that Insurances, Banking, Shipping and Railroads Systems in Member Countries need to be improved for creating an environment whereby joint ventures could be established in mutually beneficial projects. In this respect, he suggested that as initial step feasibility studies of projects could be initiated for possible implementation.

Decisions:

The meeting decided that:

- ICCIM will provide Public-Private Dialogue Council model to other member countries for replicating the same in their countries in order to improve the laws and regulations relating to trade and industry for enhancing economic growth.

- To undertake visits to each member country on behalf of the business community of ECO countries to influence the governments for facilitating Business Sticker Visa to the businessmen of the member countries. In this respect Mr Siddique Sheikh, Advisor on Social Sector FPCCI offered to finance the travelling expenses of one representative from each country for the said visit and suggested that the host country should bear the local hospitality.

- It was approved that between the regular annual statutory meetings of the ECO CCI (Executive Committee and the General Assembly), interim meetings be held among ECO member chambers Specialized Committees through Video Conferencing.

- ECO Bank representative may be invited in all ECO CCI Meetings to give an update to the participants of the meeting on their activities.

- The FPCCI, TOBB and ICCIM offered to host training programs on commercialization schemes for ECO member countries particularly Central Asian Republics (CARs).

The ECO CCI Secretariat will prepare a Work plan in respect of the above activities for implementation.

The TOBB offered to host the 17th Executive Committee Meeting and 12th General Assembly Meetings of ECO CCI along with Specialized Committee Meetings. The ECO CCI Secretariat will convey the dates to the honourable member chambers in due course.

Endorsement of a Memorandum of Understanding for Cooperation between the Chambers of Commerce of Iran-Turkey and Pakistan

It is worth mentioning that on the sidelines of the 16th EC meeting of the ECO CCI, a memorandum of understanding on cooperation especially in the area of transportation and strengthening and promotion of Istanbul-Tehran-Islamabad Cargo train (ECO Train) was signed between the presidents of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Iran Chamber of Commerce, Industries and Mines (ICCIM).

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