The decision by the finance ministers of the Economic Cooperation Organization (ECO) to set up a trade and development bank should go a long way in strengthening economic ties among member-states. This is part of a number of important decisions taken at a meeting of ECO finance ministers in Islamabad on Friday. Other far-reaching proposals include the decision to set up a common grid system for ECO states to pool electricity surpluses and share shortages and to form a pressure group at the level of international financial institutions to influence decisions in favour of member-countries.
With the conclusion of the meeting in Islamabad, it is being felt that the ECO countries are finally moving in the direction of harnessing the immense potential that exists in these countries for economic cooperation. Trade among ECO states remains low despite successive attempts at promoting trade ties in the past. In July last year, they had agreed in Islamabad to gradually reduce tariff barriers within member countries. With the setting up of a financial institution, it can be expected that the volume of trade and commerce will rise among these countries.
The Pakistan government's renewed efforts at focusing on economic cooperation in the region needs to be appreciated. After the successful conclusion of the summit of South Asian countries in Islamabad earlier this month, the ECO meeting comes across as equally important. Pakistan can both increase and diversify its exports if trade is facilitated among ECO countries. By setting up a high-level experts committee to look into ways to promote cooperation in the financial sector, Pakistan expects to share some of its expertise in this area with the rest of the region.
Equally significant has been the proposal to set up a fund for reconstruction efforts in Afghanistan. These are areas in which Pakistan will be able to play a vital role. The bottom line, however, comes from the Iranian finance minister who has commented that the biggest challenge before the organization lies in implementation of its decisions.
Long shutdown
Pakistan will be shut down for virtually a week beginning from today (Sunday). Monday, Tuesday and Wednesday have been declared as closed holidays for Eidul Azha, and Thursday will also be a public holiday to mark the Kashmir Solidarity Day. After the long break, it can be said with certainty that little or no work will get done on Friday and Saturday, the latter already part of the two-day weekend enjoyed by many organizations and departments. Some of this is coincidence: there have always been three holidays for Eidul Azha, and it just happens that the Kashmir Solidarity Day this year falls on a Thursday. But the coincidence could have been foreseen and the Kashmir Day marked in ways other than a public holiday.
In any case, as someone has pointed out, it hardly seems right that we should deal ourselves an economic loss while trying to express our solidarity with the people of Kashmir. A public holiday on such occasions means that people will forget all about the occasion and just have a good time. Seminars and rallies can be held and feelings of anger, sorrow or sympathy expressed without a total shutdown of business, commercial and official activity.
Donations in cash and kind could be collected to benefit the villagers living on both sides of the LoC whose livelihood has been continually disturbed. The minute's silence decreed for the day could as well have been observed on a working day.
We are a hard-working people. No one who has any idea of the toil that has to be put in to make our crops grow or our buildings to be constructed can doubt it. Abroad also, the average Pakistani is a go-getter, and even white-collar professionals work with dedication. We should not all be judged by the indolence that marks the ways of our government employees.
We all like holidays, but the government should keep economic considerations in mind whenever it is confronted with the problem of a prolonged break. It would have been easy to consider Sunday as part of the Eidul Azha holidays and to avoid a Kashmir hartal.