Trade Relations between Iran, ECO Members Increase
Iran's Customs Administration announced that the trade between the country and the ECO member states exceeded 10.67 million tons worth $8.19 billion during the current fiscal year’s first six months (March 21-Sept. 22).
The trade between Tehran and ECO registered a 30.28% reduction in weight, but a 12.96% boost in value compared with the corresponding period of last year.
Turkey was Iran’s main trade partner among the countries under review with 5.49 million tons worth $5.3 billion, registering a 41.07% decline in terms of weight, but an 11.87% growth in terms of value, compared with the same period of last year, Financial Tribune reported.
It was followed by Pakistan with 1.76 million tons (up 19.46%) worth $1.05 billion (up 61.29%) and Afghanistan with 1.59 million tons (down 36.83%) worth $805.21 million (down 19.91%).
Iran’s exports to ECO members stood at 8.56 million tons worth $4.82 billion during the period, registering a 33.5% decline in terms of weight, but a 5.97% growth in value year-on-year.
The Economic Cooperation Organization or ECO is an Asian political and economic intergovernmental organization that 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.
After the dissolution of the Soviet Union, the ECO expanded to include Afghanistan, Republic of Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan in 1992.
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