Araghchi highlights boost in economic ties among ECO members
Iranian Foreign Minister Abbas Araghchi placed a premium on the significance of fortifying the Economic Cooperation Organization (ECO) and expanding economic collaboration among its member states, calling the 28th Meeting of ECO Council of Ministers a key opportunity for dialogue.
According to IRNA, addressing the 28th Meeting of ECO Council of Ministers in Mashhad on Tuesday, the top diplomat said that the Islamic Republic of Iran, having chaired the organization over the past year, has focused on advancing the major objectives of ECO to promote regional unity and development.
“This meeting provides an opportunity to exchange views with my counterparts from ECO member countries and the organization’s secretary-general on the latest developments,” Araghchi said.
He also pointed out the significant economic, commercial, tourism, and agricultural potential of Khorasan Razavi Province, where Mashhad is located and expressed hope that the foreign ministers visiting the region would observe some of its economic opportunities.
Araghchi added that Khorasan Razavi’s proximity to Turkmenistan and Afghanistan, as well as its strategic role in connecting the landlocked countries of Central Asia to southern Iran’s high seas, enhances the northeastern province’s importance.
During the main session of the meeting, the foreign ministers discussed ways to further strengthen ECO and boost economic cooperation.
According to IRNA, the final session on the second day was attended by Araghchi, ECO Secretary-General Asad Majeed Khan, and the foreign ministers of Turkey, Turkmenistan, Kazakhstan, Pakistan, Uzbekistan, Kyrgyzstan, Azerbaijan, and Tajikistan.
On the first day, Monday, ambassadors, deputy foreign ministers, and experts from ECO member states prepared draft agreements on various economic, cultural, and social cooperation initiatives, which were reviewed and approved by the foreign ministers during the main session on Tuesday.
Need for competitive economy
Speaking at the event on Tuesday, Majeed Khan said that the region needs a competitive economy, expressing hope for support in organizing regular dialogues among the economy ministers of ECO member states.
He noted that all members share religious, geographical, and regional commonalities as well as economic ties but have yet to achieve the necessary cohesion.
Majeed Khan stressed the need for significant efforts to harness ECO’s potential for the benefit of its members.
He emphasized the importance of strong leadership and active political engagement as key components of ECO.
Majeed Khan also called for various meetings and exhibitions to identify the trade limitations and capacities of member states.
He highlighted ECO’s ongoing activities in travel and transportation, stressing the need to expand existing corridors, digitize transportation processes, and leverage the transportation summit held in Iran. “Despite these efforts, challenges remain, including security, financing, procedural inconsistency, and other limitations,” he said.
Majeed Khan underscored the importance of strengthening connections with partners, engaging with international institutions, and securing adequate financing through collaboration with different banks.
He addressed the urgent need for regional measures to combat climate change, glacial melting, and deforestation and lamented the lack of ministerial meetings on these issues over the past decade, stressing that climate change poses a critical threat requiring decisive action, with ministerial support essential for ECO initiatives.
Majeed Khan highlighted tourism as a vital tool for fostering regional connections, emphasizing the importance of expanding tourism to showcase the historical and cultural significance of member cities. He noted ECO’s efforts in promoting the organization’s Tourism Capital initiative as part of these endeavors.
Majeed Khan also expressed gratitude for attendance on his first ECO meeting as secretary-general, commending Iran’s leadership in 2024 under the theme, “Building a Resilient Region through Intra-Regional Trade Development.”
He thanked Araghchi and his professional team for successfully hosting the meeting in Mashhad, along with other meetings throughout the year.
ECO, a regional intergovernmental organization, was established in 1964 by Iran, Pakistan, and Turkey to promote economic and cultural cooperation among its members. In 1992, the organization expanded to include seven new members—Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan—bringing the total membership to 10 countries.
The 29th ECO Council of Ministers Meeting will take place in Kazakhstan in 2025, marking the next step in ECO’s mission to advance regional prosperity.