Regional huddle: Islamabad to host D-8 summit today
Ministers to focus on enhancing business and trade among the eight member countries.
An old photo of Islamabad during an earlier D-8 summit. PHOTO: REUTERS
ISLAMABAD:
A day-long meeting of the Developing-8 (D-8) countries beginning today (Thursday) will formulate a strategy to increase trade among emerging economies of the Muslim world.
The conference will be inaugurated by Prime Minister’s Adviser on National Security and Foreign Affairs Sartaj Aziz.
It will be attended by foreign ministers from Iran, Turkey, and Indonesia. Bangladesh, Nigeria, Malaysia and Egypt will be represented by senior officials.
D-8 is a multilateral grouping of eight emerging economies of the Muslim world that represent different regions. The organisation was established in 1997 and Prime Minister Nawaz Sharif who attended the inaugural summit in Istanbul.
The organisation reflects combined population of one billion and a market of about one trillion dollars. In its capacity as the chair of the D-8, Pakistan along with other member countries is making efforts to enable the private sectors to enhance business and trade among the members, said a statement issued by the foreign ministry.
The current intra-D-8 trade stands at $150 billion which is targeted to increase to $500 billion during the next four years, it added.
“Pakistan has ratified all key agreements related to trade, visa facilitation and customs matters and is keen to commence the process of tariff reduction by member states,” the statement further added.
According to the foreign office, the Council meeting will take important decisions in regard to early implementation of the Preferential Trade Agreement, activation of private sector and the way forward for the D-8 in its second phase of existence which will ensue with the 9th Summit to be held in Turkey next year.
On the occasion of the Council session, the foreign ministers of Iran and Turkey will separately meet the adviser to the PM and discuss matters relating to bilateral relations as well as ways to strengthen the D-8.
Published in The Express Tribune, December 19th, 2013.
A day-long meeting of the Developing-8 (D-8) countries beginning today (Thursday) will formulate a strategy to increase trade among emerging economies of the Muslim world.
The conference will be inaugurated by Prime Minister’s Adviser on National Security and Foreign Affairs Sartaj Aziz.
It will be attended by foreign ministers from Iran, Turkey, and Indonesia. Bangladesh, Nigeria, Malaysia and Egypt will be represented by senior officials.
D-8 is a multilateral grouping of eight emerging economies of the Muslim world that represent different regions. The organisation was established in 1997 and Prime Minister Nawaz Sharif who attended the inaugural summit in Istanbul.
The organisation reflects combined population of one billion and a market of about one trillion dollars. In its capacity as the chair of the D-8, Pakistan along with other member countries is making efforts to enable the private sectors to enhance business and trade among the members, said a statement issued by the foreign ministry.
The current intra-D-8 trade stands at $150 billion which is targeted to increase to $500 billion during the next four years, it added.
“Pakistan has ratified all key agreements related to trade, visa facilitation and customs matters and is keen to commence the process of tariff reduction by member states,” the statement further added.
According to the foreign office, the Council meeting will take important decisions in regard to early implementation of the Preferential Trade Agreement, activation of private sector and the way forward for the D-8 in its second phase of existence which will ensue with the 9th Summit to be held in Turkey next year.
On the occasion of the Council session, the foreign ministers of Iran and Turkey will separately meet the adviser to the PM and discuss matters relating to bilateral relations as well as ways to strengthen the D-8.
Published in The Express Tribune, December 19th, 2013.