News ID: 318277
Published: 0322 GMT November 27, 2021

Iran keen on expanding economic ties in ECO market

Iran keen on expanding economic ties in ECO market

The upcoming 15th ECO Summit in Turkmenistan seems to be a good opportunity for Tehran to increase economic and trade cooperation with the nine member states of the bloc.

"Iran" newspaper published a memo on Saturday, emphasizing that President Seyyed Ebrahim Raeisi will take part in the summit to discuss ways to develop interactions with the ECO members, IRNA reported.

The Iranian president met with Khusrav Noziri, the secretary general of ECO, on November 23, underlining the need for upgrading economic cooperation among member states of the organization.

President Raeisi stated that Tehran attaches importance to regional cooperation in the framework of the Economic Cooperation Organization, calling for more usage of existing capacities of member states.

The Economic Cooperation Organization (ECO) is set to hold its 15th Summit in Ashgabat, the capital of Turkmenistan on November 28.

ECO, founded by Turkey, Iran and Pakistan in 1985, was also joined by Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan in 1992.

According to some economic experts, the previous Iranian administration could not utilize bilateral and multilateral accords to nullify the negative impacts of anti-Iran sanctions; so, the level of economic and trade exchanges between the Islamic Republic and other ECO member states is still unsatisfactory.

Majid Salari, an economic expert, told "Iran" newspaper that the Rouhani administration neglected bilateral and multilateral contracts and all its efforts were incomplete.

However, the 13th administration is determined to consider the advice of economic experts in order to expand ties with other ECO members.

Experts cooperating with the Trade Promotion Organization of Iran (TPO) said that a trade agreement was inked in 2016, but it has not become operational yet, and that five countries confirmed terms and annexes of the agreement but Tajikistan has not yet accepted annexes.

According to the TPOI, Iran’s exports of commodities to ECO member states stood at more than $290 billion in 2020, while the figure hit $342 billion and $394 billion in 2019 and 2018, respectively.

Moreover, Iranian imports from ECO members stood at $372 billion in 2020 compared to $388 billion and $404 billion in 2019 and 2018, respectively.

The Islamic Republic of Iran Customs Administration (IRICA) announced that the trade between Iran and the other nine ECO members stood at 20.3 million tons, worth $9.233 billion, in the first seven months of this Iranian year (which started on March 21).



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