TEHRAN (Iran News) – President of Uzbekistan Shavkat Mirziyoyev signed the law on ratification of the Izmir Treaty.
The law was passed by the Legislative Chamber on 8 November 2022 and approved by the Senate on 18 November 2022.
The agreement was signed on 14 September 1996 by 10 countries: Afghanistan, Azerbaijan, Pakistan, Kyrgyzstan, Kazakhstan, Tajikistan, Turkey, Turkmenistan, Iran and Uzbekistan and is the founding document of the Economic Cooperation Organization (ECO).
The agreement defines the organizational structure of the Economic Cooperation Organization, its goals and principles of activity, as well as financial issues and the procedure for making decisions in the organization.
The ratification of the Izmir Treaty by Uzbekistan creates a legal basis for full membership in the Economic Cooperation Organization, and also provides an opportunity for broad cooperation with the member states of the organization.
The full participation of Uzbekistan in the organization will increase the volume of foreign investment, expand transport and logistics corridors, including through the unification of tariffs for transit transportation, as well as increase the tourist attractiveness of the country’s regions.
