ISLAMABAD: Prime Minister Raja Pervez Ashraf Tuesday called for a roadmap towards closer economic integration amongst the Developing-8 member states and stressed creating of an enabling environment that focusses on strong public-private partnership. Addressing the inaugural session of the seventh D-8 Business Forum here, the Prime Minister said a roadmap was a critical step forward to achieve the collective goal of economic development.
He said the current dynamism and diversity in economic relationship amongst the member states reflects a firm commitment to build a broad spectrum of trade and investment activities. The forum, organised jointly by the Board of Investment (BoI) and Federation of Pakistan Chambers of Commerce & Industry (FPCCI) was attended by entrepreneurs, businessmen and industrialists from the participating member states. The Prime Minister while assuring Pakistan's support to strengthening economic relations said the D-8 grouping was one of the most diversified clusters of developing countries and a unique platform to identify new opportunities for mutually beneficial co-operation.
He said the strategic positioning of the member states, its diversity and unique institutional framework provide the capacity to develop vast human and natural resources. The expanding network of relationships between the countries of the D-8 has created tremendous opportunities for business to flourish and gain a sure foothold.
The Prime Minister said D-8 was a reflection of the solemn pledge made to the people 15 years ago to make their lives better - a life free from the shackles of poverty. "Your presence here is a testimony that we stand by our word. The same resolve will one day lead us to our goal," the Prime Minister said. He said the D-8 Business Forum has the potential to create entrepreneurial synergies leading to increased wealth and prosperity of our people.
Prime Minister Ashraf said since its inception, trade volume of the D-8 member countries has increased from $433 billion in 1997 to $1.725 trillion in 2011. This reflects more than 20 percent annual growth confirming their trade potential. He said the Intra D-8 trade was $130 billion in 2011, which was 7.5 percent of the total trade of D-8 trade bloc, however the bilateral trade and investment among D-8 member countries is yet to reach its full potential. The Prime Minister expressed satisfaction that the Preferential Trade Agreement (PTA) has entered into force and termed it "a significant milestone" towards economic integration among the D-8.
He said expeditious implementation will help intra D-8 trade target of $500 billion by 2018. Prime Minister Ashraf said since the inception of D-8 bloc, member countries have been working together without imposing any adverse impact on bilateral and multilateral commitments of its members.
All member countries have undertaken reforms, liberalised markets and integrated better in the world economy, he said and pointed that the GDP growth rate of D-8 countries averages around 6 percent, with one member state (Turkey) registering 9 percent growth rate. Stressing the crucial role of the private sector in achieving the objectives of D-8 co-operation, he said sages of all hues have concluded that government was the enabler but the doer was the private entrepreneur.
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