ICCI urges D-8 countries to strengthen cooperation among SMEs for achieving $500 billion trade target

Islamabad, November 27, 2017 (PPI-OT): Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that D-8 countries in the 2008 Kuala Lumpur Summit Roadmap had envisaged to achieve a trade target of $500 billion by 2018, but the current trade was still far below the said target as the share of intra-D-8 trade decreased from 8.3% in 2012 to 6.7% in 2015. He urged that D-8 countries should focus on developing strong cooperation among their SMEs to improve trade volume among member states. He said the two-day Aviation Chiefs’ Conference of D-8 group should focus on improving direct flights between member states that would contribute to improving trade volume.

He said the combined population of D-8 countries was around 60% of all Muslims and close to 13 percent of the whole world and they should strengthen mutual cooperation that would open new vistas for progress and prosperity. He said D-8 countries had signed various instruments and agreements including preferential trade, SMEs cooperation, customs, simplification of visa matters and civil aviation aimed at facilitating trade among member states and stressed that they should take strong measures for implementation of these agreements to achieve meaningful results.

Sheikh Amir Waheed said that D-8 countries have huge potential to enhance cooperation in many areas and promote intra-trade as they have a combined national income in trillions of dollars. However, he said these countries were conducting less than 10% of their total international trade among themselves which was not encouraging.

He stressed that to improve the intra-group trade, D-8 countries should focus on facilitating private sectors in developing stronger cooperation and forging closer business linkages as it will help businessmen in exploring untapped areas of collaborations. Muhammad Naveed Senior Vice President and Nisar Mirza Vice President Islamabad Chamber of Commerce and Industry emphasized for eliminating all barriers to trade and investment among D-8 countries in order to accelerate trade, investment and joint ventures among member states.

They urged that trade promotion bodies of D-8 countries should ensure easy flow of information about available trade opportunities in different sectors of their economies and give private sectors leading role in harnessing such prospects. They were of the view that increased trade among D-8 countries would strengthen the economies and bring progress and prosperity to the people of member countries.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

Leave a Reply