TEHRAN (Agencies) - The 10th Summit meeting of the Economic Cooperation Organisation (ECO) on Wednesday reaffirmed its determination to move towards establishment of a free trade area in ECO region by 2015 as a priority task. In a joint declaration at the end of the meeting, the member states called upon the contracting parties to ECO Trade Agreement (ECOTA) to expedite completing necessary formalities to implement tariff concessions at the earliest. Pakistan at the ECO Summit was represented by President Asif Ali Zardari and also attended by President of Afghanistan Hamid Karzai, President of Azerbaijan Ilham Aliyev, Prime Minister of Kazakhstan Karim Massimov, Deputy Prime Minister of Kyrgyz Republic Babanov Omurbek, President of Tajikistan Emomali Rahmon, President of Turkey Abdullah Gul, President of Turkmenistan Gurbanguly Berdimuhamedov and Speaker of Senate of Uzbekistan Ilgizar Sobirov. The meeting acknowledged the significance of regional cooperation as an essential mechanism to accelerate economic and social progress, development and stability in the region. The heads of state and government reaffirmed their commitment to ECO's goals and objectives as envisaged in the Izmir Treaty, the ECO vision 2015 and other basic documents as well as the declarations of the previous summit meetings. They acknowledged that the global financial crisis was the result of weak standards, excessive use of resources, unsound risk management practices and inadequacy of international financial institutions which required closer cooperation and consultation among member states. The meeting discussed in detail the global financial crisis and its implications for the economies of the ECO member states. They welcomed the operationalisation of the ECO trade, ECO projects and development bank as a milestone toward facilitation of trade in the region. The declaration called upon the member states for joining the bank and for early completion of remaining measures to set up the ECO Reinsurance Company. It called for early ratification and implementation on the agreements on Promotion and Protection of Investment (APPI) and the Establishment of ECO Smuggling and Customs Offenses Data Bank. The member states welcomed the finalisation of the draft ECO Agreement on Mutual Administrative Assistance in Customs Matters and Additional Protocol on Simplification of Visa Procedures of Businessmen and Transit Drivers. The declaration urged the members to help finalise agreements on Prevention of Corruption and Money Laundering, Mutual Recognition of Standards and Joint Trade Promotional Activities. The declaration underlined the significance of transit transport infrastructure in the region and called for early implementation of regionally important railway projects. Members also urged the rapid rebuilding of violence-wracked Afghanistan and the Gaza Strip. "The ECO urges its members to increase the speed of reconstruction in Afghanistan," said an official statement released at the end of the summit. It said the ECO 'sympathises' with the people of Gaza following the three-week Israeli war on the impoverished Hamas-ruled Palestinian territory in December-January that left 1,300 Palestinians dead and 13 Israelis. "(ECO) strongly urges the international community to prevent such a human tragedy from happening again, to bring the situation there to normal and to get access to Gaza in order to provide humanitarian aid." The one-day summit of ECO - a regional organisation founded in 1985 by Iran, Pakistan and Turkey - focused on the global financial crisis and its impact on the region. It was attended by President Asif Ali Zardari, his Afghan counterpart Hamid Karzai and Turkish President Abdullah Gul, along with leaders of other members such as Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. Iraqi President Jalal Talabani and Syrian Vice President Faruq al-Shara also attended as guests. In his opening speech, Iran's hardline President Mahmoud Ahmadinejad accused the United States and other world powers of creating an "unfair" economic order which triggered the global financial crisis. "Capitalism as a system has failed. The economic order is unfair and irresponsible. Unfortunately nations of the world have to pay the cost of inefficient policies of certain nations," he said. Ahmadinejad, known for his anti-US tirades, called on ECO members to overcome the "threats" posed by the financial crisis and transform them into "opportunities." "The threat of unfair international order can be changed to create a safe economic situation for our countries" by developing trade between ECO states, Ahmadinejad said. Karzai urged ECO members to help Kabul fight drug smuggling. "I have to accept the bitter truth that my country is the centre of opium production," he said. "The people of Afghanistan are the true victims of terrorism and there is a direct link between drug smuggling and terrorism. We want the members to help us in combating them." Turkey's Gul, meanwhile, called for "lowering custom tariffs" between ECO member in a bid to liberalise cross-border trade. President Zardari called for a regional approach to deal with the menace of terrorism and militancy, while taking into account the interests, capacity and aspirations of sovereign states and their peoples." A regional approach has to take into account the interest, the capacity and the aspirations of sovereign states and their people and has to build solid stakes in lasting peace", President Zardari said while addressing the 10th ECO Summit being held here in the Iranian capital. The President said as terrorism does not have any faith and frontiers, it was important to focus on addressing and eliminating its root causes which include injustice, deprivation and dispossession. "Terrorism knows neither faith, nor frontiers. It breeds on injustice, deprivation and dispossession. Terrorism has roots across the region and its root causes have to be addressed", he stressed. He said the democratic government in Pakistan has made a promising beginning with Afghanistan and the two brotherly countries are making steady progress in building a relationship of deeper trust and understanding. "We have revived the Jirga process and set the directions of future cooperation", he remarked. The President said the ECO family bears a special responsibility towards Afghanistan, adding, Pakistan has been at the forefront of ECO's efforts for the reconstruction of this brotherly country. "Let us give these efforts a strong impetus", President Zardari said and announced that Pakistan will shortly be remitting an additional US $ one million to the ECO fund for Afghanistan. President Zardari said with important strides being made across the world, the ECO has yet to realize its potential to the fullest measure. "We have to fashion ECO to the specifications of our region and the demands of our times", he said. The President in this respect made some vital proposals which include the creation of ECO free trade area, development of an ECO Energy Ring of pipelines and electricity grids, solid win trans regional economic partnership, greater connectivity through road, rail, air and sea links and forging of closer links with adjoining regions particularly SCO and SAARC. President Zardari called for increased cooperation and deeper integration among the ECO states for mutual benefit as well as for the global economic growth. "By ensuring deeper integration, and leveraging our economic complementarities, the ECO can become the engine of growth for the world," he added. The President said with ECO's vast resource base and positive fundamentals, this region can contribute significantly to a global economic upsurge. To realize this goal, President Zardari proposed various measures including the activation of the ECO Central Bank to coordinate monetary policies and consider the development of a stimulus package for the region. "Trade barriers must be lowered on priority. Currency swap arrangements be put in place", he suggested. The President further said that mega projects of regional significance such as IP and TAP gas pipeline projects should be launched to stimulate demand, create jobs and generate momentum for growth and prosperity. He said Pakistan welcomes the proposal of commissioning an expert panel to study the financial crisis and will make substantial contribution to the study. Highlighting the importance of connectivity as a cornerstone of the ECO agenda, President Zardari said the rich tapestry of this region's history and heritage was woven around the fabled Silk Route. "And its future is premised on modern highways, physical and virtual, that create common space", he remarked. Meanwhile, Pakistan, Afghanistan and Iran has agreed on enhancing closer cooperation between the three countries by holding regular interaction on regional issues and cooperation in all spheres. Pakistan's President Asif Zardari, Afghanistan's Hamid Karzai and Iran's Mahmoud Ahmedinejad in a meeting agreed for increased mutual cooperation in all spheres including the fight against terrorism. The three leaders, who had a meeting here on the sidelines of the 10th ECO summit agreed to have a meeting of their foreign ministers every month, while the three heads of states will meet every three months to discuss regional situation and coordinate efforts for closer ties. All the foreign ministers of respective countries will announce the date, venue and agenda for the first foreign ministers level trilateral meeting by Wednesday, paving the way for enhanced closer cooperation. During the trilateral meeting which was held on the proposal of President Zardari, who also had exclusive as well as the delegation-level talks with the Iranian and Afghan Presidents separately, the three leaders identified war on terror, border issues and trade and economic cooperation as major areas of focus. Foreign Minister Shah Mahmood Qureshi, State Minister for Information and Broadcasting Syed Sumsam Ali Bukhari, Advisor on Petroleum Dr Asim, MNA Farah Naz Isfahani and senior Pakistani officials assisted President Zardari, while the Presidents of Iran and Afghanistan were aided by their respective delegations. After the trilateral meeting, State Minister for Information and Broadcasting Syed Sumsam Ali Bukhari and MNA Farah Naz Isfahani told the Pakistani media that the decision to hold triangular consultations on regional issues was a step in right direction and will send a positive signal to the world. Bukhari said President Zardari took the lead in suggesting a triangular increased cooperation between the three brotherly and Muslim neighbours for tackling the challenges faced by this region through a collective approach, which was highly appreciated by President Ahmedinejad and President Karzai. During the meeting, President Ahmedinejad and President Karzai appreciated the vision and leadership of President Zardari and they were confident that the three countries can work together to tackle issues facing the region. To a question about the IPI gas pipeline project, the Minister said that there was a progress on this subject, as the Iranian Deputy Foreign Minister has been given the task of working on a new formula. President Zardari also met Ayatollah Sayyid Ali Khamenei, the Supreme Leader of Iran and discussed the matters of mutual interest.