The 16th Economic Cooperation Organization (ECO) held in Tashkent, Uzbekistan, had threadbare discussion on the way forward to expand multilateral cooperation for common development in the ever-changing global political landscape. President Shavkat Mirziyoyev of Uzbekistan and caretaker Prime Minister Anwaar-ul-Haq Kakar highlighted the significant potential of the region and the imperative for enhanced cooperation and economic integration. They both emphasized the pivotal role of connectivity projects in fostering economic growth and prosperity.
The ECO encompasses a diverse and geographically strategic region. Spanning across Central and South Asia, and the Middle East, the ECO region comprises ten-member states, including Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkiye, Turkmenistan, and Uzbekistan. With its diverse landscapes, including mountain ranges, plains, deserts, and coastal regions, the region is rich in natural resources, offering a unique blend of agricultural produce, minerals, and energy reserves.
The strategic geographic positioning of the member states serves as a vital crossroads for international trade and connectivity, linking major markets in Asia, Europe, and the Middle East. The geographical diversity and strategic location of the ECO member states not only present significant opportunities for trade and economic development but also underscore the region’s potential as a key player in the global economy.
The proposals and initiatives put forth by President Mirziyoyev shed light on the pathway to leverage the region’s potential. A comprehensive analysis of the various proposals presented during the summit reveals a strategic roadmap for the ECO’s future, emphasizing key areas of focus to achieve the organization’s goals and objectives.
President Shavkat Mirziyoyev’s call for the adoption of the ECO’s Trade Facilitation Agreement will be a step in the right direction to fostering a more conducive and streamlined regional trade environment. The proposed agreement, with its focus on facilitating trade in goods and services, eliminating technical and non-tariff barriers, digitalizing customs, phytosanitary, and veterinary procedures, and promoting the development of electronic commerce, holds the potential to significantly bolster regional trade.
By embracing digital technologies and modernizing customs procedures, the ECO member states can create a conducive environment for seamless trade and investment, thereby attracting more foreign direct investment and stimulating economic growth across the region. Furthermore, the anticipated twofold growth in mutual trade by 2035, as estimated by preliminary assessments, underscores the transformative impact that the adoption of this agreement could have on the region’s economic landscape, promoting increased trade volumes, expanding market access, and stimulating overall economic growth and development among the member states. The implementation of the Trade Facilitation Agreement is poised to unlock new avenues for trade expansion and economic prosperity.
Then the implementation of various corridor projects, including the China-Kyrgyzstan-Uzbekistan and Trans Afghan railways, along with the proposed “Uzbekistan – Turkmenistan-Iran–Turkiye” Transport Corridor, will significantly bolster connectivity and facilitate trade among member countries. These projects not only will enhance regional integration but also provide new avenues for investment, and business opportunities. But the success of most of the connectivity projects including that of CASA 1000 and TAPI depends a lot on the peace and stability of Afghanistan. Hence, the regional countries will have to work together with Afghanistan to make headways in this regard. Greater responsibility also rests with the interim Afghan government to effectively deal with the terrorist groups in order to achieve progress on connectivity projects and cultivate their immense fruits.
The ECO region boasts a rich array of natural resources, ranging from energy reserves to diverse agricultural produce. The emphasis on renewable energy development and the commitment to creating 25 gigawatts of renewable energy sources by 2030 will go a long way in ensuring energy security. The ECO’s focus on developing interregional energy transmission networks and promoting the widespread adoption of green energy technologies reflects a forward-looking approach that not only ensures energy security but also contributes to the global efforts to mitigate climate change and environmental degradation. The utilization of these resources, combined with the development of industrial hubs, will definitely be a win-win position for all the member countries.
The presence of numerous heritage sites, presents an excellent opportunity for the promotion of tourism and cultural exchange. The proposed establishment of Joint Tourist Routes and the “Silk Road” Tourism Brand aims to capitalize on the region’s cultural diversity and historical landmarks, fostering increased tourist inflow and boosting the tourism industry. The creation of a Consultative Committee on Tourism within the ECO Secretariat will further facilitate collaborative efforts in promoting the region as a vibrant and attractive tourist destination.
As the ECO moves forward with its agenda, it is crucial for member states to align their efforts and resources to realize the full potential of the region. The successful execution of proposals will not only strengthen the economic resilience of the ECO member states but also position it as a prominent player in the global economy. But for this to happen, as also very rightly stressed by PM Kakar in his speech, the focus should not be just on words and commitments but also actions and implementation.
