The Economic Cooperation Organization
The Economic Cooperation Organization (ECO) is an intergovernmental organization comprising ten Member States namely: Islamic Republic of Afghanistan, Republic of Azerbaijan, Islamic Republic of Iran, Republic of Kazakhstan, The Kyrgyz Republic, Islamic Republic of Pakistan, Republic of Tajikistan, Republic of Turkey, Turkmenistan and Republic of Uzbekistan.
It provides a platform to discuss ways to improve development and promote trade, investment opportunities, technical and cultural cooperation among the Member States.
ECO's secretariat and cultural department are located in Tehran. The organization was founded by Iran, Turkey and Pakistan in 1985. The main areas of the ECO's activities are:
• Trade and Investment
• Transport and Telecommunications
• Energy, Minerals and Environment
• Agriculture, Industry and Tourism
• Human Resources & Sustainable Development
• Project & Economic Research and Statistics
• International Relations
Under the Directorate of the Trade and Investment and Transport and Communications, ECO has initiated two activities in the area of insurance and reinsurance business, the ECO Reinsurance Company and the ECO White Card Scheme.
ECO Reinsurance Company
The Articles of Agreement for the Establishment of ECO Reinsurance Company was preliminary signed by the heads of delegation of Iran, Pakistan and Turkey in Islamabad on February 2010 with aims of promoting reinsurance cooperation among the ECO Member States, decreasing the outflow of re-insurance business from the ECO region and supporting the economic development in the region.
ECO White Card Scheme
The Scheme is based on an “ECO White Card,” which would allow vehicles traveling between member countries to subscribe to a single insurance
scheme, rather than obtain cover using separate insurance contracts in each country. The goals of the Scheme are:
A) to ensure that third party victims of road traffic accidents shall be compensated, and
B) to avoid the need for motorists to obtain insurance cover at each of the frontiers of the countries which they visit.