The main aim of the Economic Cooperation Organization (ECO) is to establish a single market for goods and services, drawing parallels to the model of the European Union. This core objective drives its efforts towards regional economic integration and development.
Initially formed to foster closer economic ties, the ECO significantly expanded its scope and membership in 1992 following the dissolution of the Soviet Union. This expansion brought several new nations into its fold, widening its geographical reach and potential for economic collaboration.
Expanding its Vision and Membership
The ambition to create a unified market aims to facilitate smoother trade, enhance economic growth, and promote greater connectivity among its member states. By working towards a single market, the ECO seeks to:
- Reduce trade barriers: Streamline customs procedures and regulations to ease the flow of goods.
- Promote free movement: Facilitate the movement of services, capital, and potentially people across borders.
- Foster regional cooperation: Encourage joint ventures, infrastructure development, and shared economic policies.
This vision is underpinned by the idea that a unified market can leverage the collective strengths of its members, leading to shared prosperity and stability within the region.
The ECO's Growth: Post-Soviet Expansion
The year 1992 marked a pivotal moment for the ECO. After the dissolution of the Soviet Union, the organization significantly broadened its membership, incorporating several newly independent states from Central Asia and the Caucasus. This expansion underscored its growing importance as a regional economic bloc.
The countries that joined the ECO in 1992 include:
| New Member States (1992) |
|---|
| Afghanistan |
| Azerbaijan |
| Kazakhstan |
| Kyrgyzstan |
| Tajikistan |
| Turkmenistan |
| Uzbekistan |
This substantial increase in membership transformed the ECO into a more comprehensive regional body, bringing diverse economies and rich resources under its cooperative framework to achieve its primary goal of a single market.
