MASHHAD: Foreign Minister Ishaq Dar signed a charter for research into clean and renewable energy sources at the 28th Meeting of the Council of Ministers of the Economic Cooperation Organisation (ECO) on Tuesday.

The ECO Clean Energy Centre charter will focus on research and development for innovative renewable clean energy sources to combat climate change.

The charter will also contribute to the Global Network of Regional Sustainable Energy Centers in the framework of the UN Sustainable Energy for All Initiative, a press release stated.

The foreign minister also urged member states to ensure the effective implementation of the ECO Trade Agreement (ECOTA) to help strengthen regional security and economic prosperity through intra-regional trade.

Calls upon member states to promote regional trade

“It is a matter of great concern that the ECO region, comprising an area of right million square kilometres and half a billion population — roughly 15pc of the world population — has intra-regional trade of, unfortunately, less than 8pc of regions aggregate, and only about 2pc in global trade.”

He said this was in stark contrast to other regional groups such as the EU where the intra-regional trade stands above 70pc, and the Asean, where it is around 23pc.

While addressing the Council of Ministers meeting, he said ECOTA was a landmark preferential trade agreement, which was conceptualised exactly in line with the founding and fundamental goals of the organisation to create conducive conditions for the promotion of economic development of the region.

“ECOTA primarily aims to lower tariffs in our region over an agreed timeframe and provides an excellent platform for the promotion of our region’s economic interests by trade promotion and facilitation.”

Published in Dawn, December 4th, 2024