2024/06/11

Trade Minister chairs informal D-8 trade ministers council meeting

Engineer Ahmed Samir, Minister of Trade and Industry, presided over the informal meeting of trade ministers of the Group of Eight Developing Islamic Countries (D8), held in Istanbul, Turkey. Discussions focused on trade facilitation strategy ratification, dispute settlement mechanism, and boosting trade ties among member states.

Turkish Trade Minister Dr. Omer Bolat, D-8 Secretary-General Isiaka Abdulqadir Imam, and heads of delegations from member countries were present, as well as head of the Egyptian delegation Amr Al-Hamami, Egyptian ambassador in Ankara, and Minister Counsellor for Trade Ali Pasha, Head of the Egyptian Commercial Office in Istanbul.

Egypt stressed the importance of the dispute settlement mechanism (DSM) for the D-8-PTA trade agreements. The Minister noted that the DSM will facilitate implementation and highlighted Egypt's active participation in all negotiation rounds.

Taking the D8 helm from Bangladesh, Egypt outlined a vision to boost integration among member states through new initiatives on various priorities.

Engineer Ahmed Samir hails the role of D-8 as a regional platform and economic bloc for the largest economic powers in the Islamic world, seeking to achieve sustainable development for its member states.

Ambassador Amr Al-Hamami reviewed the country's vision for the D-8, which includes:

- Deepening trade integration by reducing customs duties and non-tariff barriers, and facilitating customs clearance procedures to enhance levels of international cross-border trade.

- Promote investment exchange and establish a D-8 investment center.

- Promote sustainable development by fostering green economies and sustainable growth strategies within the D-8.

- Encouraging capacity development programs.

- Prioritize infrastructure development, a key driver of growth, leveraging public-private partnerships.

- Launching an e-commerce platform.

- Revitalize the D-8's research and development network to drive innovation and technological advancement.

- Revitalize the D-8 Youth Council programs.

- Boost tourism and antiquities cooperation, and establishing a D-8 tourism development fund.

- Establish a D-8 grain bank to bolster food security, reflecting Egypt's ambition as a regional grain trade hub.