President of Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has urged the federal government to mobilise the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA) and take measures to activate member countries encouraging them for completion of pending preferential trade system.
He suggested that Islamic bloc needs to focus alternate means of trade and diversify their economies, in view of reducing oil reserves in Islamic countries and increased consumption of alternative energy resources by the world.
He said Pakistan is the only nuclear Muslim state, with a huge population of over 211 million and strong armed forces with versatile and huge potential in trade, industry and tourism. "Islamic countries can benefit from Pakistan's potential and invest in various sectors in addition to avail the human resource and defence services," he said.
PBIF president said that Islamic Conference of Foreign Ministers held in 1976 had approved to promote and enhance commercial and industrial cooperation by setting up an institution that would assemble the business organisations of the Islamic countries as per their common aspirations. In line with the significance of this resolution, the first Conference of the Chambers of Commerce & Industry of the Islamic States was held in 1977, he cited.
Mian Zahid said that the resolution was adopted unanimously for establishing the ICCIA. Thereafter, on the offer of the Pakistan government, the ICCIA headquarters was established in 1979 in Karachi with diplomatic status.?
"Activities of ICCIA for the betterment of trade, industry and agriculture have remained very slow during last four decades since its inception," he said.
Current president and secretary general of the chamber are Shaikh Saleh Abdullah Kamel and Yousef Hasan Khalawi, both from Saudi Arabia, while Attiya Nawazish Ali, the assistant secretary general is from Pakistan. Vice presidents Mustafa Rifat Hisarciklioglu and Ahmed Al-Wakeel are from Turkey and Egypt, respectively.
"Preferential trade system of the OIC, formed in 2002 was legally completed in 2011, with an aim to boost trade amongst the member countries but only 13 out of 41 countries have completed the formalities so far," he noted.
Mian Zahid emphasised that ICCIA should adopt measures to fasten the procedure of pending TPS-OIC. He said current GDP of the OIC countries is $6trillion which is approximately 7 percent of the world; the bloc's exports are 10 percent and imports 12 percent of the world while average GDP growth in last five years is around 5.5 to 6 percent. With integrated preferential trade system, the Islamic countries would prosper given to improved trade and economic activities while strong coordination among the brotherly Islamic countries would be formed.
PBIF president that ICCIA's incumbent president is also the chairman of its board of directors while FPCCI is serving as member in addition to 18 other chambers of the member countries.