The intergovernmental regional organisation that promotes economic, technical and cultural cooperation amongst Iran, Pakistan, Turkey and several Central Asian countries says it is to establish an agreement to promote trade amongst member countries.

Making letter of credit (L/C) facilities more available is a key priority in the agreement recently announced by the Economic Cooperation Organisation (ECO).

Trade boost

A September meeting of the presidents of the chambers of commerce and industry from member countries pledged to establish the Economic Cooperation Organisation Trade Agreement (ECOTA).

According to an ECO statement issued after the meeting in Karachi, this would facilitate commerce amongst member countries and boost trade volumes.

Simplified processes

As well as making it easier to obtain L/C facilities, ECOTA aims to simplify visa processes for trade purposes.

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

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