Regional Cooperation for development
The Regional Co-operation for Development (RCD) was set up by the regional members of the Central Treaty Organization (CENTO), Iran, Turkey and Pakistan, in July 1964 to strengthen their socio-economic development. However, a number of financial, political and administrative difficulties made progress under RCD slow. Despite assurances to the contrary, the probable impetus behind the formation of RCD was the unease with the politico-military aspects of CENTO. However, RCD's political significance grew steadily, and that of CENTO declined correspondingly. Nevertheless, recognizing that RCD could not provide an effective military substitute, Iran and Turkey still attached value to CENTO. After twelve unsatisfactory years, the three regional Heads of State held a summit in Izmir on 22 April 1976, making amendments to the 1964 declaration. The Treaty of Izmir was signed in 1977 as the legal framework for RCD. Yet, RCD was unsuccessful. In January 1985, Turkey, Iran and Pakistan established a new organisation called the Economic Co-operation Organization (ECO).