Economic Cooperation Organization
General information. Economic Cooperation Organization was created in 1985, in order to strengthen economic,technical and cultural partnership among Turkey, Iran and Pakistan. In 1992, 7 more countries joined the organization.
Member states. Azerbaijan, Afghanistan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan, Uzbekistan.
Objective. The main objectives of the organization are stimulating economy, enhancing sustainable development of the member states, liberalizing of trade and promoting internal regional trade, integratinon of economies of the member states to the world economy, improving transportation and communication system, liberalizing of economy, efficience use of material resources of ECO region.
Partnership with Azerbaijan. Azerbaijan is taking active part in terms of liberalization of economy in ECO. In order to improve economic partnership among member states and to increase internal regional trade relations, Azerbaijan signed 10 different agreements, including Framework Agreement on ECO Trade Cooperation, Transit Transport Framework Agreement, Agreement on Promotion and Protection of Investment.
Currently, Halil Ibrahim Akcha is holding the position of Secretary General in ECO.
21th meeting of the Council of Ministers of ECO was held in Tehran, Iran Islamic Republic, on November 26, in 2013. During the meeting, it was decided to create ECO Research Center in Baku and Regulations of the Center was approved. Currently, internal procedures on functioning of the Research Center are proceeding.
2nd Baku Forum of ECO Member States Economic Think-Tanks and 2nd International Conference on “Energy, Regional Integration and Socio-economic development” were held on October 1st, 2014.
On November 26-27, 2015 delegation of ECO lead by the Secretary General - Halil Ibrahim Akcha had a visit to Baku.
On March 1st 2017, 13th ECO Summit was held in Islamabad, Pakistan. Minister of Economy Shahin Mustafayev attended the event as a member of the Azerbaijani delegation lead by the President of the Republic of Azerbaijan Ilham Aliyev.
On December 17-20, 2018 the 29th meeting of Economic Cooperation Organisation Regional Planning Council was held in Islamabad, Pakistan. The representatives from the Ministry of Economy of Azerbaijan attended the event as the members of the Azerbaijani delegation.
ECOBANK. ECO Trade and Development Bank started functioning in 2008. The main goal of the organization is to extend the internal regional trade among member states, and to provide financial aid in order to enhance economic development. The main project priorities of the Bank include the fields of infrastructure, production, transportation, telecommunication and energy. Charter of the bank was signed by Azerbaijan on September 28, in 2012 and was ratified by the Parliament on February 13, in 2013.