The Economic Cooperation Organization (ECO) was founded in 1985 to provide members with a platform to discuss ways to improve development as well as promote trade and investment opportunities. Around 462 million people — 6.2 per cent of the world’s population — live within the 10 member states of Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyz Republic, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan. But at a time when the world trading system is moving towards regional economic integration, ECO remains one of the least integrated trade organisations in the world, making up only 2.1 per cent of world trade.
The World Trade Organisation (WTO), gives a depressing forecast of global trade in 2017. The WTO forecasts that global trade will expand by 2.4 per cent.
After the failure of the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) is expected to benefit Vietnam provided that the country and the domestic business community make good preparations.
U.S. Vice President Mike Pence told business leaders in Seoul on Tuesday that the Trump administration will review and reform the five-year-old free trade agreement between the two countries.
The ambitious Trans-Pacific Partnership (TPP) free trade pact that seemed dead in the water after the United States’ withdrawal could get a second wind, with Japan prepared to take the lead in an 11-country agreement sans the US.