Azernews.Az

ISTANBUL – The leaders and heads of government of the Economic Cooperation Organization (ECO) member states held a meeting in Istanbul on Thursday that was attended by Azerbaijani President Ilham Aliyev.

Iranian President Mahmoud Ahmadinejad, ECO’s incumbent chair, handed over chairmanship in the organization to his Turkish counterpart Abdullah Gul at the summit opening.

President Gul said that though the trade turnover among the ECO member states was expected to increase 10 percent in 2010, the figure made up 7 percent, terming this as a failure. Gul noted that Turkey and Pakistan signed a free trade agreement in early December, calling on the other ECO states to sign similar deals soon.

The Turkish leader also suggested that the Asian Development Bank and the Islamic Development Bank acquire stakes in Ecobank, which was established in Istanbul in 2008.

Gul said that since most ECO countries lack access to the sea, it is pivotal to strengthen communications among them. In this regard, the Islamabad-Tehran-Istanbul railway, which was put back into operation in August, will boost ties, he added.

The summit was attended by the presidents of seven of the ten ECO countries - Azerbaijan, Turkey, Iran, Tajikistan, Kyrgyzstan, Pakistan and Afghanistan. Kazakhstan was represented by its prime minister, while Turkmenistan and Uzbekistan - by officials of lower ranks.

Participating in the summit as visitors were representatives of Iraq, Qatar, Jordan, Lebanon, Syria and the Turkish Republic of Northern Cyprus.

ECO promotes regional trade and economic development in its member states.