Iran proposes creating common currency of Economic Cooperation Organization

Business Materials 7 June 2021 14:57 (UTC +04:00)
Iran proposes creating common currency of Economic Cooperation Organization

TEHRAN, Iran, June. 7


Iranian MP and Deputy Chairman of Eco-member Relations Development Faction of the Iranian Parliament Vali Esmaeili announced the country's extensive plans for Economic Cooperation Organization (ECO).

Instead of increasing our trade relations with 10 countries, 8 of which are our neighbors, the country`s focus was more on the European Union and the JCPOA member states, Vali Esmaeili said, Trend reports citing Tasnim News Agency.

"ECO member states complained that they have never been a priority in Iran's trade relations,” he said emphasizing the need to expand relations with ECO countries.

Esmaeili went on to note that if Iran's view changes, we can move forward. ECO countries have also welcomed the expansion of relations, especially in the fields of economy and culture.

Referring to the plans designed to expand the relations with ECO members he said that Iran has extensive plans for ECO example of which is the issue of creating a common currency.

Esmaeili added that in addition to the solidarity between Iran, Pakistan, and Turkey as three pivotal ECO countries special relations must be created between 10 countries in the field of economy and culture.

The Economic Cooperation Organization or ECO is an Asian political and economic intergovernmental organization which was founded in 1985 in Tehran by the leaders of Iran, Pakistan, and Turkey.

ECO is the successor organization of Regional Cooperation for Development (RCD) which remained in existence since 1964 up to 1979. In 1992, the Organization was expanded to include seven new members, namely: Afghanistan, Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.