Boosting cooperation among D-8 countries: Hina calls for creating private sector coordination facility

ISLAMABAD: The State Minister for Foreign Affairs, Hina Rabbani Khar on Wednesday called for creating a private sector coordination facility to boost economic cooperation among the Developing-Eight (D-8) countries.

A statement issued by Foreign Office said that Khar spoke virtually to the 20th Session of the D-8 Council of Foreign Ministers, hosted by Bangladesh Wednesday in a hybrid format.

She for creating a conducive environment for trade through facilitative legal frameworks, and equal opportunities for investment and business.

She underscored that Pakistan’s vision of geo-economics had socio-economic growth, connectivity, and development at its core.

Through cooperation and partnerships, the D-8 countries can realize their true economic potential, she said, adding Pakistan’s location afforded critical overland and maritime connectivity to key regions of Asia – Central Asia, South Asia, the Middle East and China – that made Pakistan geo-politically among the most pivotal states in the world.

“We were confident that through the China-Pakistan Economic Corridor (CPEC), this geo-political asset will rapidly turn into a geo-economic dividend, she underlined,” she added.

The foreign minister of Bangladesh, in his capacity as the Chair of the Council of Ministers, presided over the meeting. Foreign Ministers of Türkiye and Iran, and Minister of State of Nigeria, alongside senior officials from Egypt, Indonesia and Malaysia, also participated in the meeting.

The Council meeting was preceded by the 45th Session of the D-8 Commission which adopted a series of major decisions building on the progress achieved.

One of the key decisions taken by the Council was to fully operationalize the Preferential Trade Agreement by 31 October 2022 with a view to achieving the intra-D-8 trade target of US $500 billion agreed under the Decennial Road Map 2020-30.

In recognition of the role of trade in enhancing meaningful economic cooperation, and to promote financial and payment systems, the meeting also agreed to operationalize within the next two years, the D-8 Payment Card system, D-8 Clearing House, D-8 Qualified Industrial and Economic Zones, D-8 Creative Economy and Financial Center, D-8 Halal Food Sector Cooperation, and D-8 Barter Trading System.

The ministers agreed on the need to enhance financial and human resources for the D-8 Secretariat. The meeting also tasked the Secretariat to further review project proposals for financial support by the D-8Member States.

The meeting acknowledged with appreciation the desire of the Republic of Azerbaijan to become a member of the D-8. The ministers agreed to hold a Special Session of the D-8 Commission in October this year to make final recommendations with regards to the criteria for accession of new Member States to the D-8. A report to this effect will be considered for adoption by the next Council of Ministers Session.

Copyright Business Recorder, 2022