The Federation of Pakistan Chambers of Commerce and Industry president Atif Ikram Sheikh has urged member nations of the Economic Cooperation Organisation to overhaul and properly execute their trade agreement to boost commerce across the region and create a stronger, more integrated economic bloc. The ECO region currently accounts for roughly 4 percent of world trade, with internal commerce at approximately 8.75 percent of potential, Sheikh said in a statement released on Saturday. The region has significant natural advantages including hydrocarbon and mineral reserves, a young workforce, strategic transport links between Asia and Europe, and geographical proximity to major economies. Yet high tariffs, non-tariff obstacles, limits on product diversity, payment difficulties and varying regulations continue to restrict regional commerce. The ECO Trade Agreement was signed in 2003 and took effect in 2008 with the goal of creating a free trade area, but differences in tariff schedules, incomplete product coverage and worries about fair distribution of gains have slowed progress. Sheikh called for a balanced framework on tariff cuts, wider product ranges, tariff payment systems, lower transaction expenses and better trade rule clarity. He also recommended using the ECO Trade and Development Bank to finance regional commerce and infrastructure. Pakistan would maintain its backing for steps to boost regional economic cooperation, Sheikh added.