Pak, Iran, Turkey ink agreement to form ECO Reinsurance Co
ISLAMABAD: Pakistan, Iran and Turkey on Wednesday signed Articles of Agreement for establishment of ECO Reinsurance Company.
Zafar Mahmood, secretary commerce, inaugurated the signing ceremony. In his welcome address, Mahmood underscored the need for intensifying cooperation among the ECO member states in areas of insurance, banking and finance.
He hoped that the company would fulfill aims and goals of the insurance sectors of the ECO region. It would on the one hand decrease the outflow of Reinsurance Business from the ECO region and on the other under the present environment of liberalization will enhance the Reinsurance Business beyond the ECO region.
The three countries had decided about establishment of ECO Reinsurance Company in May 2007. After having completed the internal procedures by the three founding members of ECO, draft Articles of Agreement for establishment of the company to be headquartered in Karachi was signed in the ceremony. staff report