Iran boosts trade with ECO member states

Business Materials 14 January 2013 14:05 (UTC +04:00)

Azerbaijan, Baku, Jan.14/ Trend F.Milad

Following the US-generated sanctions against Iran, the country has boosted its trade with the Economic Cooperation Organisation (ECO) member states in the past two years, the Iranian Economy and Finance Minister Shamseddin Hosseini said on Monday, the IRNA News Agency reported.

Without mentioning the exact figures, Hosseini went on to note that Iran's non-oil exports to ECO members in the first eight months of the current Iranian calendar year (which began March 20, 2012) faced a 17 and 32 per cent increase in terms of volume and value respectively, compared to the preceding year.

The Economic Cooperation Organisation (ECO) is an intergovernmental organisation involving seven Asian and three Eurasian nations, part of the South-Central Asian Union.

It provides a platform to discuss ways to improve development and promote trade and investment opportunities.

ECO is an ad hoc organisation under the United Nations Charter. The common objective is to establish a single market for goods and services, much like the European Union.

ECO's secretariat and cultural department is located in Tehran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.

The organisation's population is 416,046,863 and the area is 8,620,697 km. The organisation was founded by Turkey, Iran and Pakistan.