Trade between Iran and the Economic Cooperation Organization’s member states reached 29.47 million tons worth $19.73 billion in the fiscal 2022-23, registering a 4.51% fall in terms of weight, but a 17.55% rise in value compared with the previous year’s corresponding period, latest data released by the Islamic Republic of Iran Customs Administration show.
Turkey was Iran’s main trade partner among the countries under review with 18.16 million tons (down 6.68%) worth $13.55 billion (up 19.07%). It was followed by Pakistan with 4.28 million tons (up 32%) worth $2.32 billion (up 48.18%) and Afghanistan with 3.4 million tons (down 18.02%) worth $1.66 billion (down 10.59%).
Iran’s exports to ECO members reached 24.77 million tons worth $12.42 billion in the fiscal 2022-23, registering a 6.23% decline in terms of weight, but a 14.5% year-on-year increase in terms of value.
Turkey with 14.63 million tons (down 7.01%) worth $7.45 billion (up 22.53%), Afghanistan with 3.38 million tons (down 19.23%) worth $1.63 billion (down 11.14%) and Pakistan with 3.53 million tons (up 21.75%) worth $1.48 billion (up 18.04%) were the top export destinations.
Imports hit 4.7 million tons worth $7.31 billion during the period, registering a 5.7% and a 23.11% growth in terms of weight and value, respectively.
Turkey was also the main exporter to Iran with 3.53 million tons (down 5.25%) worth $6.09 billion (up 15.09%). It was followed by Pakistan with 764,699 tons (up 119.5%) worth $841.81 million (up 170.05%) and Kazakhstan with 275,340 tons (up 26.89%) worth $124.8 million (up 60.28%).
Trade between Iran and ECO surged by 43% to stand at 30.87 million tons worth $16.79 in the fiscal 2021-22. Iran’s exports stood at 26.42 million tons worth $10.85 billion while imports from ECO members hit 4.45 million tons worth $5.94 billion.
Founded as the Regional Cooperation for Development in 1964 by Iran, Pakistan and Turkey, the forum was rechristened Economic Cooperation Organization in 1985. The ECO Region shelters more than 460 million inhabitants and extends over 8 million square kilometers, connecting the north to south, south and east to the west, Asia to Europe and Eurasia to the Arab World. Composed of some Caucasus, South, West and Central Asian countries, ECO is one of the oldest intergovernmental organizations. The fundamental goal of the organization is to create amenable and conducive conditions for the continued promotion of sustainable economic development in the region for the joint welfare and wellbeing of member states.
ECO stretched the fabric of its cooperative partnership in the early 1990s, welcoming Afghanistan and Azerbaijan, as well as five Central Asian nations, including the Republic of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, as its members.
Over the past few decades, the organization has relentlessly emerged as an effective forum of economic diplomacy and activism. The ECO member states, bearing their shared cultural and historic affinities in mind, appear to be receptive and forthcoming to complement each other, intensifying their collaboration with action and result-oriented motives to achieve the perceived target of greater connectivity and integration in the region.
During the 13th Summit at Islamabad, Pakistan, in March 2017, the ECO heads of state/government endorsed and adopted the ECO Vision 2025. It is a roadmap document meant for guiding the sectoral activities of the organization in the years to come until 2025.
The first meeting of the Economic Cooperation Organization's Permanent Representative Council in 2023 was held in Tehran on Jan. 11.
"Within the framework of Azerbaijan's chairmanship of the Economic Cooperation Organization in 2023, the first meeting of the organization's Permanent Representative Council for 2023 was held in Tehran," Azerbaijan’s Embassy in Iran wrote on its Twitter page.
The ECO's secretariat and cultural department are in Iran, its economic bureau is in Turkey and its scientific bureau is in Pakistan.
