The Minister of Commerce and Industry, H E Ali bin Ahmed Al Kuwari, at the 34th ministerial meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), which kicked off yesterday in Istanb
Doha: The Minister of Commerce and Industry, H E Ali bin Ahmed Al Kuwari, called on the members of the Organization of Islamic Cooperation (OIC) at a high-level meeting in Turkey to enhance support and take collaborated action to address different types of challenges facing the OIC states and accelerate the pace of economic growth, international trade, investment, peace and stability.
Al Kuwari chaired Qatar’s delegation at the 34th ministerial meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), which kicked off yesterday in Istanbul. Qatar is representing the Arab group at the four-day event.
Speaking at COMCEC’s first meeting, Al Kuwari voiced hope on behalf of the Arab group for increased support for joint Islamic action in a bid to tackle regional challenges and promote peace and stability across the region. The Minister noted that the meeting was taking place in light of considerable geostrategic and economic changes, amid a decline in multilateral trade and a lack of tangible progress at the World Trade Organization’s 11th Ministerial Conference.
He added that the meeting comes at a time when a number of countries have been inclined to impose additional protectionist measures on international trade, which calls for increased coordination and cooperation among OIC countries to confront and mitigate the effects of these changes, which have the potential to affect the security, stability and future of Islamic countries and their people, and stand in the way of achieving joint interests and objectives.
However, he said current circumstances are favourable to achieving a quantum leap in joint Islamic action, particularly as Turkey has made significant efforts over the past two decades to translate the objectives of COMCEC into tangible achievements.
He stressed that Turkey is pursuing its efforts to promote joint Islamic action and implement COMCEC’s 2016-2025 Plan of Action, which was adopted at the 13th Islamic Summit held in Istanbul in 2016.
He proposed the launch of a number of innovative initiatives to overcome difficulties and obstacles facing OIC member states, amid geostrategic and economic changes. He called for the adoption of the declaration on the development of a free trade zone among OIC member states as a first step towards the establishment of an Islamic Common Market, which was endorsed at the Tehran Summit in 1997, while maintaining the Framework Agreement on the System of Trade Preferences among OIC member states as a general legal framework.
The Minister also called for the launch of new rounds of negotiations on the trade preferential system among OIC member states to ensure a swift and voluntary tariff reduction, and to assess the potential use - if any - of local currencies and a clearing system in intra-trade transactions.
He also called for the establishment of a fund to finance four projects, including an integrated programme for the development of the Halal industry across OIC member states and the OIC Investment Programme, in addition to organising a high-level conference on investment challenges in the Islamic world. He also advocated the development of a trade facilitation programme and a unified window system, and the promotion of trade between OIC countries similar to Arab-African trade bridges.
Touching on cooperative efforts among COMCEC members, he noted that Arab countries had adopted COMCEC’s recommendations on the development of bilateral trade, as well as the promotion of joint investments and a business-friendly environment.
He added that that the achievements of Arab countries in this context have reflected positively on joint Islamic economic action. He praised the OIC’s General Secretariat for its efforts to promote and support intra-Islamic trade, which accounted for 20 per cent of total trade among OIC members in 2017, up from 15.5 per cent in 2005.
The meeting featured discussions on the report relating to the implementation of the COMCEC Strategy and the OIC 2016-2025 Plan of Action. The OIC General Secretariat reported on the progress and recent developments in the implementation of the OIC 2025: Programme of Action. The meeting also touched on global economic developments, with a special focus on OIC member states.
