Nournews: The ECO meeting was held in Mashhad, Khorasan-Razavi province, Iran, on Dec. 3 with the aim of enhancing economic collaborations among member states. Dr. Abbas Araghchi, Iran’s Foreign Minister, was the president of the meeting.
ECO, as a regional institute, has an important role in boosting economic and trade cooperation among member states.
ECO also serves as a platform for regional collaboration, aiming to reinforce closer ties among members, achieving sustainable development and economic growth in the process.
Annual volume of ECO trade
The head of Iran’s Foreign Ministry Representative put the volume of Iran’s collaboration with ECO at $20 billion and said the expansion of trade in the region was one of the goals of the meeting. He noted that the groundwork is ready for collaboration in the fields of insurance, shipping, environment, transit, and economic development within the organization.
Aasad Majid-Khan, the new secretary of ECO, estimated the trade volume among ECO member states at $1.8 billion, with its share of the world’s trade standing at 8 percent.
The gross domestic production (GDP) value of ECO member states is about $1.8 trillion, their total domestic trade stands at $1.2 trillion, and the most important economic items are energy and iron.
Hassan-Zadeh, head of Iran’s Statistics Chamber, said that trade among ECO members is very low compared to trade worldwide. “ECO member states’ share of world trade is estimated to be 7 percent, which is considered very low.”
ECO member states, with a total population of 549 million people and a financial network of nearly $80 billion, form one of the world’s important economic hubs.
Iran’s share of exchanges is quite significant and has set a goal of increasing its share of trade by 20 percent.
Economic opportunities of ECO member countries
Iran: Oil and gas resources / Renewable energy / Petrochemicals and mining / Agricultural products and livestock production / Large domestic market and transit position / Religious, cultural, and health tourism.
Turkey: Tourism / Strategic position for goods transit / Automotive production / Textile industries / Food products.
Pakistan: Cheap labor / Textile and clothing production / Rice production / Transit infrastructure projects.
Afghanistan: Rich mineral reserves / Dried fruits and livestock products production / Transit position / Cultural and historical tourism.
Uzbekistan: Gold production / Natural gas / Cotton / Industrial opportunities in textiles and machinery production / Growing domestic consumer market.
Azerbaijan: Oil and gas reserves in the Caspian Sea / Transit / Agricultural and tourism investments.
Turkmenistan: Gas / Agriculture (cotton and wheat) / Energy and transportation infrastructure.
Kazakhstan: Mineral resources (uranium, oil, and metals) / Agriculture (grains and livestock) / Transit through the China-Europe corridor.
Kyrgyzstan: Gold and metal extraction / Natural tourism opportunities / Agriculture and livestock farming.
Tajikistan: Abundant water resources for hydroelectric energy development / Aluminum and cotton production.
Strategies for strengthening the ECO organization
Development of regional infrastructure:
Expansion of railways, roads, and transport corridors among members; investment in technology infrastructure; collaboration on energy projects.
Facilitating trade:
Reduction of trade tariffs among member countries; establishment of a common market; harmonization of customs regulations and policies.
Enhancing financial and investment cooperation:
Provision of financial resources for joint development projects, especially in less developed countries; joint investments; establishment of a regional banking system to finance projects and facilitate financial exchanges.
Private sector cooperation:
Strengthening commercial, agricultural, and industrial connections among private sector companies of member states.
NOURNEWS