The First Meeting of the Working Group on ECO Joint Trade Zones convened on October 2, 2024, to exchange views and discuss the development of a framework policy, legal documentation, and guiding principles for establishing Joint Trade Zones. Representatives from the Republic of Azerbaijan, the Islamic Republic of Iran, Turkmenistan, and the Republic of Uzbekistan, and the ECO Secretariat, participated in the meeting.
ECO Deputy Secretary General Mr. Silapberdi Nurberdiyev, briefly outlined and emphasized that Free Trade Zones and Special Economic Zones facilitate the importation, storage, manufacturing, and re-exportation of goods with reduced customs duties and regulatory barriers. These Border Trade Zones are aiming to enhance economic activity by streamlining trade among neighboring countries, as economic growth is fundamentally linked to trade expansion.
Delegates from the participating countries shared recent developments in their respective countries concerning the establishment of Free Trade Zones, highlighting the benefits and incentives offered within these zones. Furthermore, Turkmenistan proposed an initiative to establish Joint Trade Zones with the Islamic Republic of Iran, marking a significant step toward enhanced regional cooperation and economic integration.
The meeting concluded with a consensus to promote the establishment of Free Trade Zones along the borders of ECO Member States. The productive discussions at this inaugural meeting laid a strong foundation for developing Joint Trade Zones, which are expected to enhance economic collaboration and boost trade among ECO Member States, ultimately contributing to regional prosperity.
