ECO may contribute to regional economic development – Iranian expert
BAKU, Azerbaijan, Dec. 11
By Elnur Baghishov – Trend:
The Economic Cooperation Organization (ECO) may contribute to regional economic development, Iranian analyst a member of the Iranian Institute for Trade Studies and Research Ali Zahed Talaban told IRNA, Trend reports.
According to Zahed Talaban, currently, regional cooperation is one of the main priorities in the world. Many countries are expanding their trade relations in this direction. That is why more than 50 percent of world trade is carried out within regional organizations.
The official also added that although the ECO member countries have trade turnover worth $800 billion with the world in total, the trade turnover between the member states accounts for less than 8 percent. However, the member states have great potential to meet each other's needs.
"The member states of the Economic Cooperation Organization operate in various fields, including trade, investment, energy, transport, and others. Despite a trade agreement being signed between the member states in 2003, it has not been implemented yet due to a number of problems. One of these problems is the high duties. However, according to different laws, it is not in the interests of some countries to reduce or abolish them," he said.
The Iranian analyst noted that the will of the heads of ECO member states reflects the development of economic relations and trade. The establishment of a free trade zone is on the agenda of member states.
Zahed Talaban said that among the ECO member states, Azerbaijan, Iran, Turkmenistan, and Kazakhstan have large oil and gas reserves. This can create a network on energy supply.
"On the other hand, Turkey has great opportunities in technology, industry, and agriculture and is of great importance for economic development within the ECO," he said.
Despite a number of restrictions (coronavirus, US sanctions, etc.), Iran continues to trade with ECO member states. If Iran pays more attention to trade with the ECO member countries, it can further increase trade turnover.
The following ten countries are at present the member states of ECO: Afghanistan, Republic of Azerbaijan, Islamic Republic of Iran, Republic of Kazakhstan, Kyrgyz Republic, Islamic Republic of Pakistan, Republic of Tajikistan, Republic of Turkey, Turkmenistan, Republic of Uzbekistan.
Iran’s trade turnover with the member states of the Economic Cooperation Organization (ECO) amounted to 20.3 million tons worth about $9.23 billion during the first seven months of the current Iranian year (March 21 through October 22, 2021).
This is an increase of 48.5 percent in value and 43 percent in volume, compared to the same period last Iranian year.
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