Islamic bloc urged to realise economic potential

Industry representative stresses cooperation, resource mobilisation

LAHORE: Industry representatives made calls for economic cooperation within the Islamic bloc on Monday, owing to challenges facing individual and regional economies, during a luncheon hosted by Life member Islamic Chamber of Commerce and Industry (ICCI) and SAARC Chamber Vice-President Iftikhar Ali Malik for a delegation of traders from Arab countries visiting Pakistan.

“Improved cooperation and coordination [between Muslim countries] can increase multilateral trade by 25%,” Malik said during the luncheon, adding that this would require establishing trade preferential systems and other legal frameworks along with effective mobilisation of financial and infrastructure support.

Highlighting the importance of the ICCI, Malik said that active resource mobilisation by the body would be instrumental in increasing trade levels amongst Muslim countries. Currently, trade amongst Muslim countries accounts for six percent of global trade and only 19% of the total trade of these countries.

Ironically, Muslim-majority countries conduct more trade (20% of total trade) with the European Union (EU) and just marginally less (13%) with China.

Published in The Express Tribune, July 4^th, 2017.

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