D-8 VOWS TO FORGE STRONGER COOPERATION, INVOLVE PRIVATE SECTOR by Fardah

Jakarta, Oct 27, 2017 (Antara) - Developing-8 (D-8) Organization for Economic Cooperation's summit in Istanbul, Turkey, Oct 20, highlighted the need to strengthen sectorial cooperation through private sector involvement in economic activities to attain 20 percent of the total intra-D-8 trade.

             The agreement was included in the Istanbul Declaration issued at the conclusion of the Ninth Summit, hosted by Turkish President Recep Tayyip Erdogan, and attended by Indonesian Vice President M. Jusuf Kalla, Nigerian President Muhammadu Buhari, Azerbaijani leader Ilham Aliyev, Pakistani Prime Minister Shahid Khaqan Abbasi, and Iran's first vice president Eshaq Jahangiri, among others. Azerbaijan and Guinea attended the summit as state guests.

             The need to intensify cooperation among D-8 member countries by involving the private sector was in fact suggested by Kalla while speaking at the summit.  
        A correlation exists between the economy and private sector. Cooperation between the D-8 governments and private companies will increase economic empowerment and strengthen the capacity of the private sector, he emphasized. Hence, he proposed regular business forums to discuss the matter.

             Kalla, in fact, proposed two other approaches to strengthen D-8 cooperation in order to improve the living standards of their people.

            He suggested strengthening cooperation in the maritime sector as a key sector for trade and promoting South-South cooperation to develop economic opportunities in the D-8 organization.

            The D-8 member states are Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.

            The organization was established in 1997 at Turkey's initiative, with the objective of improving the member states' position in the global economy, diversifying and creating new opportunities in trade relations, enhancing participation in decision-making at the international level, and improving the standard of living.

            Today, it has a combined gross domestic product of US$3.7 trillion and includes more than one billion people, some 15 percent of the world's population.

            "Twenty years ago, we had established cooperation to improve the position of developing Muslim countries in the global economy," Kalla explained.

            Kalla stated that the D-8 had benefited all its members, but it had not fully achieved its objectives.

            Trade among D-8 member states had reached an estimated $100 billion in 2016, or 6.6 percent of the total trade of D-8 member states. The figure is targeted to triple to $303 billion in 2018, or 20 percent of the total trade of D-8 member states.

            Meanwhile, Foreign Minister Retno L.P. Marsudi, who attended the 17th Session of the D-8 Council of Foreign Ministers, remarked that the organization should contribute concretely to the welfare of their people.

           "We must continue to make D-8 a relevant economic platform to ensure that we can contribute to the welfare of our people," the minister stated in her address.

            Under the current uncertain global economic conditions, the economic challenges facing the D-8 member countries have increasingly become tougher, she noted.

           "We should transform D-8 into a stronger organization and establish concrete cooperation in accordance with its charter," she said.

         Marsudi further stressed that the D-8 cooperation, in future, should be directed towards developing sectors capable of contributing directly to the welfare of the people of each member state.

          The D-8 cooperation should also be able to reduce the gap between the haves and the have-nots, she emphasized.

          The minister believed it is necessary to raise the issue, as poverty and economic disparities have frequently led to various transnational crimes, including drug trafficking and terrorism.

           "The areas of D-8 cooperation should be able to reduce the gap between the rich and the poor, such as in the fields of agriculture, micro small and medium businesses, infrastructure and connectivity, as well as fishery," she remarked.

            In addition to these, she also highlighted the need for micro, small and medium businesses to participate and get involved in various areas of economic cooperation among the D-8 member states.   
       At the commencement of the 17th Session of the D-8 Council of Foreign Ministers on Oct 19,  Khawaja Muhammad Asif, Pakistani Minister of Foreign Affairs handed over of Chairmanship of the D-8 Council to. Mevlüt Çavu¿o¿lu, Turkish Minister of Foreign Affairs.

          In the Declaration of the Summit themed "Expanding Opportunities through Cooperation",  member states also agreed to establish a ¿D-8 Project Support Fund¿ in order to sustain various projects.

        The Istanbul declaration also urged ¿the establishment of D-8 Technology Transfer and Exchange Network (TTEN) and D-8 Petrochemical Association for the facilitation of transfer of technology and enhanced cooperation in the petrochemical sector¿.

        President Erdogan urged the D-8 countries to increase participation in meetings, embrace the values of the D-8 and work to boost its productivity and strength.

        Bangladesh has offered to host the 10th D-8 summit in 2019. ***3***

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(T.F001/A/BESSR/F. Assegaf) 27-10-2017