Reviving Economic Cooperation Organisation (ECO) for Regional Connectivity

Abstract

The spectacular success of the European Union in terms of regional connectivity and prosperity ushered the world into an era of regional economic cooperation. The following decades witnessed a mushroom growth of the regional organisation across the globe. In the same wave of regionalism, RCD was established with the high aim of unveiling the marvellous potential of Pakistan, Iran and Turkey for economic growth backed by regional connectivity, untapped resources, geostrategic location and close historical, cultural and ideological ties. After the end of the cold war, RCD was expanded and renamed ECO. Despite the presence of almost every necessary ingredient required for regional economic development and connectivity, ECO has remained a sorry tale of underachievements and let-downs. This paper traces the roots of the evolution of ECO and provides an in-depth analysis of multiple challenges and obstacles that ECO has been facing. It also investigates the potential for its revival and carries policy recommendations for making it an effective tool of regional cooperation and achieving peace and prosperity for the member states.