The history of the establishment of the Economic Cooperation Organization (ECO) dates back to 1962, when the three countries of Iran, Turkey and Pakistan established the Regional Cooperation Organization for Development (RCD), which existed from 1964 to 1979. In 1985, Iran, Pakistan and Turkey founded the the Economic Cooperation Organization (ECO). In 1992, the ECO expanded to include seven new members, namely Afghanistan, Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan.

Various agreements have been signed and approved within the ECO framework, the most important of which are as follows:

• Agreement on Simplification of Visa Procedures for the Businessmen of the Member States of ECO
• Agreement to establish Eco Development and Trade Bank (ETDB)
• Eco Transport and Transit Framework Agreement (TTFA
• Framework Agreement on ECO Trade Cooperation
• ECO Trade Agreement (ECOTA)
• Agreement on the Promotion and Protection of Investments (APPI)

The ECO’s structure includes a biennial summit to provide general guidelines, the Council of Ministers as the organization’s highest decision-making and policy-making authority, the Council of Permanent Representatives as the executive arm of the Council of Ministers, the Regional Planning Council which is responsible for developing actionable plans to achieve the organization’s goals and objectives, reviewing previous plans and proposing new regional institutions.

Located in Tehran, The Eco General Secretariat is responsible for coordinating and overseeing the organization’s various activities. It is comprised of a secretary general and assistants, managers and other staff. The secretary general is appointed by the Council of Ministers from among candidates proposed by member states. The secretary general is appointed for a term of 3 (three) years, non-renewable. The secretary general is the ECO’s highest executive

The ECO has established a number of specialized agencies with the aim of implementing its own approach toward developing cooperation across the region and beyond. These include the ECO Cultural Institute, The ECO College of Insurance, the ECO Reinsurance Company, the ECO Trade and Development Bank, the ECO Chamber of Commerce and Industry, the ECO Science Foundation, the ECO Educational Institute, and the ECO Regional Institute for Standardization, Conformity Assessment, Accreditation and Metrology.

The Eco Chamber of Commerce and Industry was founded in 1990 with assistance from the Iranian, Pakistani and Turkish chambers of commerce with a view to expanding trade, industrial and economic ties among private sectors of the member states.

Following the adoption of the ECO Chamber’s new charter in 2008, it was agreed that Turkey, Pakistan and Iran should appoint the chamber’s president and secretary general, each for a three-year term, with the establishment of a permanent general secretariat to be decided in 2017.

The ECO’s objectives include contributing to development programs in the areas of economic cooperation, trade, industry, agriculture, tourism, contract work, techno-engineering services, banking and enhancing ties among private companies in member states.

The organization’s activities include the following:

• Encouraging the highest trade and industry authorities in member states to increase trade,;
• Organizing meetings attended by business and industry leaders;
• Proposing initiatives for developing business and industry ties on behalf of private sector actors;
• Standardizing business procedures to enhance ties among member states
• Assistance in resolving disputes arising from business transactions among natural and legal persons
• Collecting and publishing member states’ economic and industrial statistics;
• Announcing tender offers, auctions and development plans;
• Organizing joint exhibitions, sessions and conferences with a view to developing economic and business ties;
• Conducting market research for the goods/services produced/consumed by member countries and developing similar activities;
• Ensuring coordination of standards among member states and adopting joint measures to establish an intra-organizational preferential trade area.