D-8 Ministers Approve Economic Cooperation Roadmap

Kuala Lumpur, Malaysia | July 13, 2008 by D-8 Secretariat

The foreign ministers of the Group of Eight Developing Islamic Countries (D-8) Sunday sanctioned a 10-year roadmap for economic collaborations among member states.

Foreign Minister Datuk Seri Dr Rais Yatim said the two-phased roadmap envisaged increased intra-trade from the current five per cent to between 15 and 20 per cent by 2018. “Currently, intra-trade between member states is only five per cent of the total D-8 global trade. By end of 2018, we want intra-trade to grow to US$571.5 billion or 15 to 20 per cent of the total D-8 trade,” he said.

“The roadmap will also provide the framework for enhancing cooperation, the guide and formula to implement D-8 programmes and projects, assist in mobilising resources from governmental and non-governmental sectors. It will also broaden support for the D-8 community, the private sector and the grouping’s economic cooperation initiatives,”he told reporters on the sidelines of the 11th Session of the D-8 Council of Ministers meeting.

The roadmap from 2008-2013, the main thrust, will focus on D-8 Preferential Trade Agreement (PTA) and Rules of Origin (RoO), customs and visa, industrial and business cooperation. The second phase, between 2013-2018, is to achieve intra-trade target of US$517.5 billion or between 15 and 20 per cent of D-8 global trade.

The roadmap, among others, also spells out trade facilitations, customs cooperation, capacity-building, migrant workers, small-and medium-scale enterprises and information and communications technology. The foreign ministers also endorsed a permanent secretariat for the D-8 following a consensus among member states for an annual contribution.

The secretariat will be headed by the D-8 secretary-general.

News/photosource: BERNAMA News Agency.

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