TEHRAN - Iran and other Economic Cooperation Organization (ECO) member states will sign a memorandum of understanding (MOU) on the construction of a logistics village, Tasnim News Agency reported.

According to the head of Maku Free Zone, the mentioned village will be constructed in Iran’s Maku Free Zone.

A land area measuring 1,820 ha has been earmarked for the construction of the logistics village in cooperation and collaboration with ECO member states, Hossein Garousi said.

Garousi also announced the construction operation of the first Iranian Knowledge-Based Economy Town, adding that a transportation route called ECO Road will be inaugurated as a part of the International East-West Transport Corridor.

The logistics road called “ECO Road” will come on stream as a part of the International East-West Transport Corridor in the near future, he further said.

Iran shares borders with five ECO member countries including Turkey, he said, adding that ECO member countries are interested in cooperating with Iran in the fields of logistics, tourism, and exports.

The Economic Cooperation Organization or ECO is an Asian political and economic intergovernmental organization that was founded in 1985 in Tehran by the leaders of Iran, Pakistan, and Turkey.

Iran’s trade with the members of the ECO reached about $10.2 billion in the first seven months of the current Iranian calendar year (March 21-October 22, 2023), registering a 4.5 percent rise year on year.

According to Ruhollah Latifi, the spokesman of the International Relations and Trade Development Committee of Iran's House of Industry, Mining, and Trade, Iran traded 14,939,483 tons of goods valued at $10,189,923,013 with ECO members in the mentioned seven months.

The trade exchanges with the mentioned countries also increased by 18 percent in terms of weight, Latifi said.

The Islamic Republic exported 12.345 million tons of non-oil goods worth $5.886 billion to the said nations in the mentioned period, registering a 2.5 percent rise in terms of value and a 23 percent rise in terms of weight.

According to Latifi, the trade balance between the two sides was $1.6 billion positive in favor of Iran in the said seven months.

The value of trade between Iran and ECO members stood at $20.5 billion in the previous Iranian calendar year 1401 (ended on March 20), of which the share of exports was $13 billion and the share of imports from these countries was $7.5 billion.

Petroleum products, dairy products, foodstuff, fresh and dried fruits, juices and citrus fruits, carpets, saffron, fish, caviar, ornamental aquatic products, various stones, construction equipment, clothing, industrial equipment, bags and shoes, medicine, and health supplies, as well as plastic products, were Iran’s main exported items to ECO members last year, while basic goods, industrial machinery, raw materials for production, and medical supplies and medicine, were the top imported goods from ECO member states.

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