ISTANBUL, TURKEY | MARCH 25, 2012
D-8 to Further Step in Trade Enhancement through SC PTA
D-8 had recently organized the First Meeting of the Supervisory Committee of Preferential Trade Agreement (PTA), in Istanbul, on 22 March 2012 with discussion on a set of important issues
D-8 had recently organized the First Meeting of the Supervisory Committee of Preferential Trade Agreement (PTA), in Istanbul, on 22 March 2012 with discussion on a set of important issues. Delegates Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey as Contracting Parties and Bangladesh and Egypt as observers attended this first meeting of supervisory committee emanated from the D-8 Preferential Trade Agreement. The discussion was fruitful in producing various encouraging results to the goal of increasing trade volume among member countries. PTA among D-8 Member States, which has been signed by head of states in Bali, Indonesia (May 2006) and entered into force on 25 August 2011, is a very significant achievement of the Organization towards the enhancement of economic and trade integration of the Member States.
This meeting was the first important step to discuss the revised Offer Lists and rules of procedures among Indonesia, Malaysia, Nigeria, Pakistan and Turkey, and this achievement will also encourage Bangladesh and Egypt to accelerate the ratification process.
The participants discussed various issues for the implementation of the PTA. They presented brief reports on their internal procedures on the implementation of the PTA at the national level and all member countries agreed that the entry into force of PTA is a key step for further development of D-8 intra-trade by means of both quantity and diversity.
The D-8 PTA envisages cooperation scheme that strongly will benefit its Member countries, and shall strengthen other steps that have been taken in D-8 Organization to boost trading volume and economic interaction among member countries. The 1-day meeting was concluded with the adoption of Report of the Meeting.
Photos of this event can be viewed through our gallery by clicking here.