ECO Meeting Considers Creation of Regional Payment System, Clearing Union

BUSINESS TURKMENISTAN
ECO Meeting Considers Creation of Regional Payment System, Clearing Union
One of the priority topics of the ECO meeting was the creation of the Regional Payment System and the ECO Clearing Union.

The fifth video-conference meeting of the ministers of economy and finance of the ECO member-states was held online on Wednesday. One of the priority topics of the meeting was the creation of the Regional Payment System and the ECO Clearing Union.

The meeting gathered delegations of Afghanistan, Azerbaijan, Iran, Tajikistan and Turkey, and Turkmenistan. The representatives of the ECO Trade Development Bank and a delegation from the ECO Secretariat also attended the meeting, the Ministry of Finance and Economy of Turkmenistan said in its Wednesday press release.

The meeting discussed and agreed on ways to simplify economic interaction and trade between ECO member states to accelerate post-pandemic recovery.

During the meeting, the Minister of Finance and Economy of Turkmenistan Muhammetgeldi Serdarov noted that Ashgabat considers the creation of the Regional Payment System and the ECO Clearing Union as an opportunity to expand trade and investment cooperation in the region.

In his speech, he also noted that Turkmenistan is committed to strengthening the regional financial system to facilitate economic cooperation and financial interaction between the ECO member states.

The Economic Cooperation Organization is a regional interstate economic organization founded in 1985 by the countries of Central Asia and the Middle East. Turkmenistan became an ECO member state in 1992.