ECONOMIC COOPERATION ORGANIZATION (ECO) AS A REGIONAL ORGANIZATION: ROLE, HURDLES AND PROSPECTS

Abstract

In world politics, regionalism and regional organization have become important elements. Regional organizations, as opposed to international organizations, are created by independent states based on their geopolitical, geographical proximity, economic, or political ties in order to promote socio-economic development and regional integrity. Using a qualitative methodology and secondary data sources, this research attempts to shed light on the fundamental justifications for the creation of Economic Cooperation Organization (ECO) as a regional organization; its economic and socio-cultural practices; interstate rivalry among its members; divisions, and difficulties; ECO’s role and prospects in the current political unpredictability of the world; solutions to current problems and techniques for fostering regionalism in ECO, and the organization’s prospects for the future. Additionally, it assesses ECO’s regional integration considering integration theory and shows whether ECO has been effective in fostering regional cohesion. In light of this, this paper contends that the ECO region has not received enough attention from the vast majority of academics despite having enormous human and natural resource potential and it also implies that in the long run, the ECO region might provide the EU, ASEAN, and other developing countries with a steady supply of energy markets that in turn can play a positive role for the development of the region. The ECO region may also represent a sizable market for the export of technology and equipment by a number of sophisticated economies. The paper concludes the BRI project and the Indo-Pacific Strategy have greatly raised the ECO’s geostrategic significance.