WAS SIGNED IN JULY 2003 BUT HAS NOT BEEN IMPLEMENTED AS YET BECAUSE HALF OF THE MEMBERS ARE STILL TO ACCEDE TO IT.
will also strengthen the overall process of economic reforms in the region's economies by having a more dynamic impact.
We also have Multi-lateral Preferential Trade Arrangements in the South Asian and Central Asian regions in the form of SAFTA and ECOTA
I am sure that with the supplement of Vision 2025, ECOTA
will be implemented now as all the countries have now realized the importance of this forum and under the prevailing politico-economic situation of the world will bring ECO members more closely and this would certainly help to boost all the activities as I mentioned above.
Infact, as ECOTA
progresses, ECO will become more and more relevant.
To gain the aim, ECOTA
agreement has been signed, based on which, tariffs on 80 percent of goods will be decreased from 15 percent to 8 percent during an eight-year period.
WAS SIGNED IN JULY 2003 BUT HAS NOT BEEN IMPLEMENTED YET BECAUSE HALF OF THE MEMBERS ARE STILL TO ACCEDE TO IT.
The immediate past president Gholam Hossein Shafei said that simplification of the trade visa issuance, creating suitable facilities for opening L/Cs through banking channel, collaborations and implementation of the ECOTA
are the three sides of a triangle which can improve the economic situation of the region.
plays an essential part in intra-ECO economic collaborations.
According to the tariff reduction modality awaiting implementation under the ECOTA
, member states are required to reduce tariffs and bring them down to a maximum of 15 percent over 8 years with the exception of Afghanistan which has been granted 15 years for implementation, source added.
The Executive Committee meeting will discuss important issues which include ECO Visa facilitation agreement and deliberation on the visa sticker scheme, ECO agreements on ECOTA
, TTFA and ITI Corridor.
They reaffirmed their determination to implement ECOTA
with ultimate aim of creating Free Trade Area in the region.