Pakistan to host trade ministers for first time

Eight Muslim states will discuss economic cooperation, trade facilitation

ISLAMABAD: Pakistan will for the first time host a meeting of the Trade Ministers Council of D-8 countries in Islamabad on February 17, which will mainly review the progress on tariff reduction by members of the bloc.

According to a statement, the meeting would deliberate upon the status of a preferential trade agreement among contracting parties, which is already at an advanced stage.

Regional trade: Pak-Iran border being upgraded

The member-states would also discuss the tariff reduction lists provided so far by them. As of now, Indonesia, Malaysia, Nigeria, Pakistan and Turkey have submitted their lists.



Developing-8 (D-8) is a group of Muslim countries comprising Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Turkey and Pakistan. The establishment of the bloc was announced officially by the Summit of Heads of State/Government in Istanbul on June 15, 1997.

Federal Commerce Minister Khurram Dastgir Khan, who will chair meeting of the Trade Ministers Council, met ambassadors of the D-8 countries and apprised them of the preparation made for the meeting.



“Pakistan intends to hold meaningful negotiations on trade matters and conclude talks on a fast-track basis in order to reap maximum benefits,” said Dastgir.

“Economic cooperation and trade facilitation will change lives of the teeming millions who live in the member states,” he added.  The meeting will also discuss a dispute settlement mechanism and a consolidated draft of the dispute settlement document, which outlines rules for resolving disagreements between the parties.

Moreover, the Trade Ministers Council will review provisions of the Rules of Origin and the Bangladeshi proposal to have 30% local value-addition criteria for the least developed countries (LDCs) as agreed amongst member-states of the Organisation of Islamic Cooperation.

Pakistan’s total exports to D-8 countries in 2014-15 stood at $1.602 billion while its imports were $3.67 billion.

Exports to Iran totalled $30 million, Turkey $309.2 million, Bangladesh $697.6 million, Indonesia $143.2 million, Malaysia $205.1 million, Egypt $150.9 million and Nigeria $66.7 million.

Published in The Express Tribune, February 4^th,  2016.

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