FPCCI lauds implementation of PTA in D-8 countries

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Amanullah Khan

Karachi—The intra trade between D-8 group of Islamic countries will be enhanced from $120 billion to the tune of $500 billion within next two years after implementation of PTA among member countries from July this year. Abdul Rauf Alam, Chairman D-8 Chamber of Commerce & Industry (D8-CCI) and President FPCCI have appreciated the decision of implementation of Preferential Trade Agreement (PTA) from July this year among D8 member countries. He declared it as an important stride from promotion of multilateral trade among D8 region and a great achievement for Pakistan’s trade prospects.
He further said that it is a good opportunity for all D8 member countries to enhance their intra-trade to the tune of US $ 500 billion upto 2018 which is now US $ 120 billion. He also emphasized that the D-8 member countries should further resolve the issues for establishment of Joint Arbitration, development of trade corridors and visa simplification. The strengthened intra trade and economic relations will provide a boost to the economies of Islamic countries.
The Chairman D-8 CCI Rauf Alam stated that the D-8 countries conduct only 7% of their total international trade among themselves which is nominal against their existing trade potentials. He stressed on developing of people to people contacts so that economic cooperation in various sector of D-8 countries can be strengthened. In the absence of economic cooperation, it would be impossible to get important place in the global arena, he added. The Chairman D-8 CCI Rauf Alam further said that the objective of formation of Developing Eight (D-8) has been to synergize the member countries and to increase their prosperity which possess a combined population of approximately 1 billion with a combined national income of US $ 3.7 trillion, the PTA will play an important role in the region. D-8, also known as Developing-8, is an organization for development cooperation among the following countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.