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Iranian President Mahmoud Ahmadinejad said on Wednesday that the era of global capitalism has come to an end and countries need to establish new structures for trade and economic cooperation. The Iranian president was speaking in Tehran at the opening of the 10th summit of the Economic Cooperation Organization. “Our summit is being held at a time when the world is on the brink of serious changes,” he said. “After the fall of the closed socialist economic system, the capitalist [system] is also on the brink of destruction.” Ahmadinejad said that regardless of the attempts made by the world leaders to overcome the global economic crisis, “there are few who believe the situation will change.” “In the current conditions, it is time to develop a new look at the human and global situation, as well as economic relations which have developed over the last 100 years,” he added. The Organization for Economic Cooperation was founded in 1985 as a regional inter-governmental organization. Initiated by Iran, it included Pakistan and Turkey until the fall of the Soviet Union, when in 1992 the former soviet republics of Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, as well as Afghanistan joined. The organization’s head office is in Tehran.
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