English Essay on Economic Cooperation Organisation (Eco)

Economic Cooperation Organisation (Eco)

English Essay on "Economic Cooperation Organisation (Eco)"

Cooperation for Development (RCD) in 1985, with Pakistan, Iran and Turkey being its founding members. The opening up of the Central Asian Region with the emergence of several independent states after break- up of the Soviet Union transformed this region into an area of great strategic significance, not just for Pakistan, but the world at large. On joining in of the landlocked Central Asian States with significantly large markets in addition to huge energy resources in 1992, ECO was expanded to 10 members.educationsight.blogspot.com This was a period of great optimism in the region with the promise of democracy, free markets, economic development, industrialization, liberalization in trade and commerce and hopes of greater security and stability. Yet roughly two decades down the line, the dream seems to have just remained a dream. ECO, for a number of reasons, has made very modest progress in realizing its objectives, and seems to be headed in the same direction as its predecessor RCD. Ironically, during the same time, some contemporary regional economic blocks have made huge progress in virtually every field.

The special focus the area encompassing Central Asia, Afghanistan, Iran and Turkey receives in Pakistan’s foreign policy calculus stems from several imperatives. For one, geographic contiguity means Pakistan has legitimate security and strategic interests. Whatever happens here impacts Pakistan and vice versa. The region is resource rich, with estimated reserves of 150 billion barrels of crude oil, and 1,234 trillion cubic feet of natural gas while development.

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