Ashraf hopeful D-8 Business Forum can eliminate poverty from member states

Prime Minister Ashraf says trade continuously on the rise among member countries.

ISLAMABAD: Prime Minister Raja Pervez Ashraf said on Tuesday that poverty from the Developing Eight (D-8) members countries could be eliminated with the formation of the D-8 Business Forum.

Addressing the D-8 Business Forum in Islamabad, Ashraf said that trade was “continuously on the rise” among the member countries, which will help improve their economies. “Implementation of free-trade policies in the recent past emphasises the importance of economic integration. Trade agreements, trade diplomacy and greater role of private sector are shaping up our economic trajectory,” he said.

He said that Pakistan could provide cheap labour to member states.

Ashraf said, “Expeditious implementation will help us achieve our intra-trade D-8 target of US $500 billion by the year 2018. It is also encouraging that since the inception of the D-8 block, member countries have been working together without imposing any adverse impact on bilateral and multilateral commitments of its members.”

“All member countries have undertaken reforms, liberalised markets and integrated better in the world economy. GDP growth rate of D-8 countries averages around 6%, with Turkey registering 9% growth rate.”

He said that the private sector had become the driving force of the economy. “We have time and again reaffirmed the crucial role of the private sector in achieving the objectives of the D-8 cooperation. Government is the enabler, but the door is the private entrepreneur. We have to create an enabling environment with a strong public-private partnership to achieve our collective role of economic development.”

He said that the D-8 countries needed to build a “focused roadmap” towards closer economic integration. “Our [D-8’s] previous interactions have from time to time at this forum been fruitful and productive,” he said.