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D-8 Gearing Up for Higher Intra-Trade Volume Through Business Roadmap

Kuala Lumpur, Malaysia | July 09, 2008 by D-8 Secretariat

The Developing 8 countries (D-8) will focus on pushing intra-trade and enhancing economic cooperation as its a direction in the future, the grouping’s Secretary-General Dipo Alam said in Kuala Lumpur last week.

There had been a progress in terms of trade where the total trade of D8 countries in 2006 amounting to 750 billion U.S. dollars globally increased to 1 trillion U.S. dollars last year, he said in an interview on the sidelines of the 11th Session of the D8 council of Ministers last week. At the same time, intra-trade in 2006 which was about 34 billion U.S. dollars rose to 60 billion U.S. dollars last year.

“Only a little bit of progress from five percent to six percent. We are not really happy,” Dipo said. “In the future, we will still be focusing on the increasing our intra-trade from five to six percent to 15 to 20 percent,” he added.

Dipo said although there would be questions on whether the D8 was ambitious in pursuing this 15 to 20 percent increase, he personally believed that this was achievable as the modalities for cooperation were there. “… although in the last nine or 10 years (progress) was not that quick, but now empowering of the coordination of D8 cooperation (is strengthened),” he said.

The leaders attending the 6th D8 Summit here are expected to declare a business roadmap for the grouping charting its future for the next 10 years, he said.

News/photosource: BERNAMA News Agency.

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