ECO members to form joint market

Business Materials 12 September 2011 12:23

Azerbaijan, Baku, Sept. 12 /Trend/

The Economic Cooperation Organization will form the joint trade market for member states by 2015, the ISNA reported, quoting the ECO Secretary General Mohammad Yahya Maroofi.

"The ECO will form the joint market with member [states] by 2015. The issue needs to be approved by the member states' parliaments," he said.

Forming a joint market must be approved by the parliaments of member countries. Currently the parliaments of Afghanistan, Pakistan, Turkey, and Kyrgyzstan approved the plan, whereas Tajikistan is still reviewing the issue, he added.

He noted that the ECO joint market will form in Tajikistan, the parliament in Iran has not approved the issue yet but we hope that Iran will.

The organization also plans to form a joint ECO bank, cooperation with Islamic banks, form transit routes, and fight terrorism and narcotics.