Multan Chamber of Commerce & Industry (MCCI) President Muhammad Khan Saddozai has said that the Developing-8 countries should diversify their economies by creating new opportunities via increased trade relations with an objective to improve the position of Muslim states.
The trade among member states was around 129 billion dollars that was only six percent of the world trade. Talking to senior journalists here on Thursday, he hoped that the decision to form D8 combined textile market would provide huge benefit to all nations of D8 and Pakistan textile industry would fully benefit from the opportunity of better market access.
Pakistan's textile sector has suggested Developing Eight (D8) countries for the formation of combined textile market of D8 countries. He threw light on the significance of textile trade among those nations, and said D8 countries should implement the long-awaited decisions made by D8 countries for the development of economy and other sectors in the fraternity, they must remove obstacles in tariff and non-tariff barriers.
Muhammad Khan Saddozai urged the D8 delegates to ease the visa requirements especially for the promotion of trade and industry. Implementation of tariff concessions under the preferential trade agreement was need of the hour, which would lead the D8 community towards free trade agreement, he added. He said agriculture and food security, transportation, energy and industries, small and medium-sized enterprises sector were the major priority areas of co-operation among the D8 countries.
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