D-8 Islamic Countries Agree to Enhance Trade Volume to $500 Billion

D-8 agrees to take their trade volume to 500 billion dollars by 2018.

Islamabad, 09 Jumadal Awwal 1437, 18 February 2016, (MINA) – A group of developing Islamic countries have agreed their trade from the existing 120.5 billion US dollars to 500 billion dollars by the end of 2018, officials said Wednesday.

Trade Ministers from the D-8, grouping eight Islamic countries, met in Islamabad and also agreed to operationalize their Preferential Trade Agreement (PTA) from first of July this year, Pakistan Commerce Minister Khurram Dastagir said.

The D-8 Trade Ministers’ Council issued Islamabad Declaration emphasizing that an equitable global trading regime should take fully into account the conditions of developing countries and Least Developed Countries, Mi’raj Islamic News Agency (MINA reported, quoting the frontiestpost.com.

The meeting tasked Customs official of the member states to meet in three months with a view to preparing implementation of D-8 PTA Rules of Origin. It also tasked the Supervisory Committee to finalize the Dispute Settlement document in its special session in Istanbul.

Secretary General of D-8 Dr Ali Mohammad Mousavi described understanding on implementation of PTA as an important step forward to promote intra-D-8 trade. The next Trade Ministers Council meeting would be held next year in Malaysia.

The member countries also renewed the commitment to continue the process of engagement for greater cooperation in different sectors.

D-8 is an organization for development cooperation among the following Islamic countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. (R07/R01)

Mi’raj Islamic News Agency (MINA)