Iran president proposes ways to boost ECO performance

Tehran, March 11, IRNA -- President Mahmoud Ahmadinejad proposed new ways to boost the performance of the Economic Cooperation Organization.

He made the proposals during his speech at the opening of the ongoing 10th ECO summit in Tehran. Ahmadinejad took over the rotatory presidency of the organization from his Azeri counterpart at the beginning of the ceremony.

Describing as progressive and prospering the current status of the ECO, he said the organization should plan and implement a new economic order based on humanistic and ethical values to replace the existing economic system in the world.

Ahmadinejad also proposed devising and using of a single currency among the ECO member states in exchanges among member states and with their neighboring countries.

The new ECO chief also proposed establishment of a trade and development bank which would have branches in all member states.

ECO is an intergovernmental organization involving ten regional nations including
Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan./end