Trade>>Trade Ministerial Council

The world economy is emerging as an integrated, inter linked and interdependent economy. Creation of new multilateral trading system under the WTO regime has given further impetus to this globalization process. However, recurrent challenges in WTO negotiations has affected the developing countries efforts for greater access to the developed markets.

The developed countries’ stances on farm subsidies and tariff reductions have left no option for developing countries but to construct regional trading blocs and adopt common positions to secure favorable trade terms viz-a-viz developed countries. D-8 member countries also need to devise innovative approach and means to promote their trade. The PTA provide such a means. It can also provide a stepping stone for its eventual integration into multilateral trading system. 

The objectives of D-8 are to improve the developing countries’ position in the world economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide better standards of living.

During the D-8 Summit held at Bali, Indonesia, in May 2006, the Heads of State and Government underlined the crucial importance of intra-trade for the development of D-8 cooperation and the vital role of the private sector in this context; and welcomed the conclusion of two agreements i.e. Preferential Trade Agreement and the Customs Cooperation Agreement. 
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-1st D-8 Trade Ministers Council Meeting on the Implementation of the Preferential Trade Agreement among D-8 Member States (25 June 2013,Abuja-Nigeria)

Among the important outcomes taken during this meeting was the agreement on a new cut-off date as of 1 November 2013, and the submission of the revised Offer Lists (transposed to HS Code 2012) by Member Countries at the latest by 31 July 2013. 

Another key result of the meeting was the finalization of the draft text of “Abuja Declaration”, of which was discussed and considered by the Senior Officials for the adoption of the Ministerial Meeting. The important declaration highlighted a number of significant points, among other such as:

->The acknowledgement of the role of the Supervisory Committee of the PTA in developing the institutional framework for the implementation of the PTA, and appreciate the Government of Republic of Turkey, which performed the responsibilities of the Chair of Supervisory Committee for 2 years (2012-2014) and their contribution in hosting and organizing the first two meetings of the Supervisory Committee.

->The need to take necessary steps towards achieving the objectives and goals of D-8 cooperation as stated in the Roadmap to increase intra-trade of D-8 states to at least 15-20 percent of their global trade by the end of 2018.


-Each Contracting Party is expected to inform others of the current state of progress in the implementation of the PTA at the respective national level, including, in particular, with regard to the national action plan for tariff reductions.

-The Government of Malaysia has announced “Malaysia's Federal Government Gazette on Goods under the D-8 Preferential Trade Agreement”, as approved by the Parliament of Malaysia on 5 December 2013.

-Turkey informed the Secretariat that internal process to implement PTA is underway, including the process of approval concessions lists of Contracting Parties by the Turkish Grand National Assembly. In addition, Turkey will finalize this process before 2nd TMC (2014, Turkey)

D-8 Secretariat


Buyukdere Cad. No:100-102
Maya Akar Center K:12 D:50
Esentepe 34394 Istanbul
Turkey
Email: secretariat@developing8.org
Website: http://www.developing8.org
Tel : +90 212 356 18 23-24
Fax: +90 212 356 18 29

1st D-8 Trade Ministers Council Meeting on the Implementation of PTA (25 June 2013, Abuja -Nigeria) -Held