ISLAMABAD, March 7: Pakistan has been given the coveted membership of International Sugar Organization (ISO). With this, Islamabad has become 59th member of the ISO.

This was announced by Pakistan Sugar Mills Association (PSMA), secretary general, K. Ali Qazilbash here on Wednesday.

Constituted through the International Sugar Agreement 1992, ISO currently has membership representation from 80 per cent of the world’s sugar production, consumption and trade.

ISO provides members with market information and market analysis coming from recognized leading analysts with an independent viewpoint and with the objective of increasing market transparency.

This will help Pakistan to have free access to the organizations publications and events, which included: ISO sugar year book, statistical bulletin, monthly reports and press summary, six MECAS studies per year, quarterly review, ISO seminar, workshop proceedings, China study, and GATT studies, respectively.

Mr Qazilbash said that Pakistan would also be entitled to other benefits, which could be quantified directly but will have a positive impact on the formulation of sugar policies.

He said that membership of the ISO increases the weight and influence of a member country in the international sugar context.

He said the association has requested the ministry of commerce to share the publications received from ISO for keeping the members of the sugar industry updated.

The ISO is the only world-wide forum for exchange of views by major producing and consuming countries at an inter- governmental level.

It also contributes significantly to improve market transparency through its established and recognized statistical and analytical performance and undertakes studies on sugar related matters of common interest to members, he said.

As a designated international Commodities Body (ICB) to the common Fund for Commodities (CFC), the ISO was able to sponsor projects from developing members and member countries in transition seeking finance from the CFC.