ISTANBUL, Oct 14: The ECO Business Forum on Monday made recommendations to achieve free trade among ECO countries, customs procedures, movement of business people, transit operations, banking and trade financing services and infrastructure.

About trade liberalization, the forum suggested ECO member states may consider a policy objective of achieving free trade among themselves within a reasonable time; giving due regard to the WTO principles.

In this regard all out efforts should be made towards reaching consensus on the proposed ECO Trade Agreement (ECOTA), the forum recommended.

On customs procedure, the forum asked ECO member states to participate in regional discussions on simplification and harmonization of customs administration, including harmonization of tariff nomenclature, standardizing and simplifying customs documents and procedures.

Moreover, the Business Forum said, representatives from the private sector be involved in the meetings of customs authorities in order to accommodate their views on customs related issues.

It further suggested that those ECO member states having technologically advanced and business friendly customs regimes be encouraged to share technical assistance and experience on customs related issues with those member states, which required such assistance.

About movement of business people from ECO countries, the forum recommended that ECO may commence efforts, through regional discussions among member states’ immigration authorities to harmonize their policies and laws related to the movement of business-persons.

Talking about inadequacies in transportation infrastructure, it said, this, being a common problem warrant immediate attention of the ECO member states.

The early harmonization and implementation of ECO Transit Trade Agreement (TTA) and Transit Transport Framework Agreement (TTFA) will provide the necessary legal ground for facilitating transit transportation, it suggested.

Moreover, it said, harmonization and reduction of transit fees and charges may be given the priority.

Taking into account the problems in the banking and trade financing services, the forum suggested that the ECO Trade & Development Bank (ETDB) should be established to function as a regional Eximbank, giving support to the external trade.

About infrastructure, the forum observed, since weak infrastructure (both physical and non-physical) and missing rail and road links in transport sector are hampering trade in the region, concerned national authorities of member states may be urged to take appropriate remedial action.

In order to make ECO Chamber of Commerce and Industry (ECO-CCI) more effective and with a view to improving its coordination with member chambers and ECO Secretariat, the forum recommended that it was imperative that its secretariat be permanently located in one of the member states.

In this regard, the Union Council of Chambers and Commodity Exchange of Turkey offered to host the permanent secretariat of ECO-CCI.—APP