Economic Cooperation Organization (ECO) and SAARC

Pakistan has been following the policy of cooperation among mankind especially the states of the world generally and among the Muslim communities as well as the countries particularly. Pakistan believes that such coordination and cooperation is essential for the well being of the people of the world irrespective of their caste and creed. That is why Pakistan joined the United Nations Organization immediately after its establishment. Then onward Pakistan extended its full support to any association or organization that were aimed at the betterment of human society. 

However, being a Muslim country, Pakistan believes in special connections and cooperation among the Muslim communities and countries. For this reason, Pakistan always supported the right of self-determination of Muslim communities like Palestinian and Kashmiris. With a view to foster closer cooperation among the Muslim states, Pakistan made prolonged efforts to establish an organization of the Muslim countries of the world and that ultimately resulted in the formation of the OIC. At the same time, Pakistan believes in the idea of regional cooperation and consequently has been extending full support to the organizations like ECO and SAARC.

ECONOMIC COOPERATION ORGANIZATION

Economic Cooperation Organization (ECO) is an organisation that has been working at the inter-governmental level on the basis of regional cooperation. The ECO is an important organization including the many countries from Europe, Central Asia, Middle East and South Asia. ECO is a famous organisation that covers millions of square kilometres of area. The same is connecting Russia to the Persian Gulf and China to Europe. The organisation has the objective of sustainable economic development of its member states as well as in the Region.

In fact, the Economic Cooperation Organisation is the reformation of the Regional Cooperation for Development (RCD). The RCD was established in 1964 by three Islamic states including Pakistan, Turkey and Iran. In 1990, the members of RCD met at Islamabad to improve the Izmir Treaty and at the same time, it was decided to rename the organisation as ECO.

Economic Cooperation Organization (ECO)

After the collapse of the Union of Soviet Socialist Republics (USSR), six former Soviet Republics joined the Economic Cooperation Organisation including Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. Later on, Afghanistan also joined the ECO. The organisation has been working for the development of the region.

ECO proved useful not only for Pakistan but the overall region of Central Asia. It is an organisation that covers the various features of the issues faced by human beings. The organisation disbursed a lot of concentration to all magnitudes relevant to the developments of human beings.

It is a matter of concern that the organisation had to face a number of issues, especially of ethnicity. However, it has also been performing well in the fields of economy, politics and defence. The governments of Pakistan mostly in all eras had to face various issues regarding economic development.

Membership:

There is no obstacle to get membership of the organisation and "Any State enjoying geographical closeness with the ECO region and/or sharing the objectives and principles of ECO may apply to become a member of the Organization". There were 10 members of the Economic Cooperation Organization (till 2019) including Pakistan, Turkey, Iran, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

Activities of the ECO:

The ECO is aimed at close cooperation among the member states in the fields of trade, tourism, transportation and investment.

Trade and Investment:

Trade and Foreign Direct Investment (FDI) plays a vital function in the economic development and growth of under-developed countries. The states can boost their economy by increasing exports and minimizing imports. This action gives a heavy opportunity to provide jobs to the young generations.

The Economic Cooperation Organisation has been working to provide opportunities for trade and investment among the member states. One of the priorities of the ECO is to develop the atmosphere of the trading and circulation of the investments among the member states. The organisation is doing its best to conduct meetings at high-level forums including the ministerial meetings on Commerce and Foreign Trade, meetings on Finance and Economy, the meetings of the heads of Tax Administration, Heads of Customs Administrations, the heads of Central Banks and the heads of Trade Promotion Organizations.