ECO eyes common market by 2015

Iran Materials 18 May 2011 11:04 (UTC +04:00)

The Economic Cooperation Organization (ECO) plans to establish a common market by 2015, the organization's secretary general said here on Tuesday-MNA reports.

Talking to reporters on the sidelines of the inauguration ceremony of the 21st meeting of ECO Planning Council in Tehran, Mohammad Yahya Maroufi said that current currencies of the member states will be used in the market.

Ministers and deputies of the 10-nation bloc are attending the three-day event. Participants are scheduled to discuss plans of the organization over the last year and its timetable for the next year.

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, namely Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

ECO secretariat and cultural department are located in Tehran while its economic bureau is located in Turkey and its scientific bureau is based in Pakistan.