ECO countries reflect low trade volume
The Economic Cooperation Organization (ECO) has expressed concerns at the slow growth and lower trade volume among its members.
Comprised of Afghanistan, Pakistan, Turkey, Iran, Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan, the ECO has reported sluggish trade volume among the nations despite presence of high economic potentials.
Pakistan, who has received the presidency and secretariat of ECO for the next three years, is responsible to promote trade relations and economic growth among the members.
According to Pakistan Observer, the ECO Chamber of Commerce and Industry has planned a seminar for policy recommendations to help identify the main causes of inactivity and slow growth in promoting economic relations among the ECO countries.
Despite trade agreements and economic cooperation pacts among the ECO countries, trade among the countries has not increased over the last few years.
ECO was originally established in 1964 as Regional Cooperation for Development (RCD) in 1964 by Iran, Pakistan and Turkey. It was later renamed as ECO and expanded to include Afghanistan, Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan.
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