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Economic Cooperation Organization
The Economic Cooperation Organisation or ECO ((ペルシア語:سازمان همکاری اقتصادی), , (トルコ語:Ekonomik İşbirliği Teşkilatı), , (ウズベク語:Iqtisodiy Hamkorlik Tashkiloti), (アゼルバイジャン語:İqtisadi Əməkdaşlıq Təşkilatı), Tajik: ) is a Eurasian political and economic intergovernmental organization which was founded in 1985 in Tehran by the leaders of Iran, Pakistan and Turkey. It provides a platform to discuss ways to improve development and promote trade and investment opportunities. The ECO is an ''ad hoc'' organization under the (United Nations Charter (Chap. VIII) ). The objective is to establish a single market for goods and services, much like the European Union.〔http://www.tehrantimes.com/economy-and-business/98000-official-irans-share-of-eco-trade-stands-at-10-billion-〕 ECO's secretariat and cultural department are located in Tehran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.
== History ==
The Economic Cooperation Organization was the successor organisation of what was the Regional Cooperation for Development (RCD), founded in 1964, which ended activities in 1979. In 1985 Iran, Pakistan and Turkey joined to form the ECO. By the fall of 1992, the ECO expanded to include seven new members; Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The date of the expansion to its present strength, 28 November, is referred to as "ECO Day". The status and power of the ECO is growing. However, the organization faces many challenges. Most importantly, the member states are lacking appropriate infrastructure and institutions which the Organization is primarily seeking to develop, to make full use of the available resources in the region and provide sustainable development for the member nations. The Economic Cooperation Organisation Trade Agreement (ECOTA) was signed on 17 July 2003 in Islamabad. ECO Trade Promotion Organization (TPO) is a new organization for trade promotion among member states located in Iran (2009).〔()〕 Under the agreement reached between ECO members, the common trade market should be established by 2015.〔http://www.tehrantimes.com/economy-and-business/98000-official-irans-share-of-eco-trade-stands-at-10-billion-〕
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