Businesses for efforts to boost trade among D-8 states

Faisalabad Chamber asks textile industry to focus on combined market.

FAISALABAD: In a bid to follow the roadmap set forth in the recent Developing Eight (D-8) summit, joint efforts should be made by all member states to boost trade among themselves to meet the ambitious target of $500 billion by 2018, suggests the president of Faisalabad Chamber of Commerce and Industry.

In a statement issued on Tuesday, Zahid Aslam said undoubtedly the roadmap would promote and help achieve sustained economic development through effective utilisation and pooling of economic potentials of D-8 countries.

He suggested that D-8 countries, which agreed on a framework of cooperation in the conference held in Islamabad about a week ago, should diversify their economies by creating new opportunities through better trade relations with an objective to improve economic growth in the Muslim world.

D-8 comprises countries having large Muslim populations including Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

Quoting statistics, Aslam said trade among D-8 member states stood around $129 billion, about 6% of world trade. He expressed the hope that D-8’s decision to set up a combined textile market would offer economic benefits to all and Pakistan’s textile industry should cash in on the opportunity and win greater market access.



For the past many years, there has been a massive shift in export trends in the world market as traders are more inclined towards regional blocs, which save costs and provide a chance for phenomenal growth in trade. Keeping this in view, Aslam underlined the need for a shift in export strategy to pay more attention to the markets of D-8 countries.

He asked the government to speed up the process of reaching free trade and preferential trade agreements in order to promote trade and economic ties with D-8 states.

He also sought investment from D-8 countries in Pakistan’s power sector in short as well as long run, saying energy shortage was hampering economic growth of the country.

Published in The Express Tribune, November 28^th, 2012.