Azernews.Az

Azerbaijan is in the focus of the world's attention, becoming a regional leader, due to the rapid increase of its political clout on the world stage and rampant economic development, evidenced by a top-level meeting of a regional economic body held in the capital Baku on October 16.

Bringing together ten countries of the Central Asia and Middle East, the 12th summit of the Economic Cooperation Organization (ECO) reaffirmed the unity of the member states on the development of cooperation for the sake of overall sustainable development, their commitment to economic reforms and the resolution of political conflicts flaring in the region. There was no doubt in the success of the summit, as it brought together countries united by common history, cultural values, economic and political interests.

At this year's event, the chairmanship of ECO passed from Turkey to Azerbaijan, which will do everything possible for the development of institutional initiatives. The political successes of Azerbaijan due to its election as a non-permanent member of the UN Security Council in October 2011, the country's rapid economic development and the implementation of important infrastructure projects of regional scale will play a significant role in the development of the organization. Also, Azerbaijan is a shareholder of Ecobank and intends to be closely involved in building the necessary infrastructure and implementing economic projects in the ECO member countries. Thus, in the next two years, Azerbaijan as ECO chair will make every effort to promote the objectives of the organization.

Over 20 years, ECO participants have been able to go through a transition period, rise up and get stronger, but there are still many unresolved issues, the solution of which will allow to capitalize on the organization's potential more efficiently and for the benefit of the member countries and their people. The development of transport and energy infrastructure, efficient use of water and natural resources, the creation of free trade zones, the provision of conditions for free movement of people, vehicles and goods were outlined as the priority objectives of ECO.

The member countries put forward a number of initiatives, including the creation of a free trade area by 2015, which will increase trade between ECO countries eight-fold. Their efforts also include the creation of a mutual food aid system in the form of Regional Fund, aimed at quick response and timely assistance in the event of a sharp change in food prices in a country and deterioration of its population's living standards. Iran proposed to create an ECO political forum to coordinate actions in the international arena, to assist member states in the settlement of disputes, as well as to protect the rights and interests of the ECO countries in international organizations and make joint efforts to reform international institutions, including the United Nations.

Terrorism, poverty, illiteracy, violation of fundamental rights of the people and drug trade were labeled as the main threats posed to the region. The summit participants made calls for assistance and economic rehabilitation of Afghanistan, the situation in which has an impact on the social and economic stability and sustainable development of the region as a whole.

In conclusion, the ECO member countries agreed that only a businesslike and healthy approach to joint action can transform the organization into an effective lever of regional trade and economic relations. Joint political efforts will make the member states more powerful, and the economic potential of these countries, reflected in work on specific projects, will strengthen the organization and advance ECO's initiatives in a multitude of fields.

Therefore, ECO must move forward if it wants to remain competitive on the regional and worldwide scale, and to play a big role in the world.

ECO was founded by Turkey, Iran and Pakistan in 1985. Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, Tajikistan and Afghanistan joined the organization in 1992.