Inter-regional trade comprises 7,5 percent of ECO members overall trade

Business Materials 6 March 2013 16:13 (UTC +04:00)

Azerbaijan, Baku, Mar.6/ Trend F.Milad

Inter-regional trade accounts for just 7,5 percent of Economic Cooperation Organization (ECO) member states' overall trade, Mohammad Nahavandian, the head of Iran Chamber of Commerce, Industries & Mines said on Wednesday.

Eco member states' inter-regional trade currently stands at 62 billion dollars, IRNA News Agency quoted Nahavandian as saying.

Based on a ten-year plan the ECO members will boost their inter-regional trade by one percent per year, he said at the sidelines of the 3rd meeting of energy and oil ministers of the Economic Cooperation Organization, which is being held in Tehran.

Nahavandian represents Iranian private sector in the event.

The three-day event's main focus is on expanding regional cooperation and exchanging experiences, as well as promoting free trade in the field of energy.

The first and the second meetings of ECO ministers had been held in 000 and 2010 in Pakistan and Tajikistan, respectively.

ECO is an intergovernmental regional organization established in 1985 by Iran, Pakistan and Turkey, which provides a platform to promote economic, technical and cultural cooperation among member states.

The organization was expanded in 1992 to include seven new members, including Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.