TEHRAN (Iran News) –Head of Iran Chamber of Commerce, Industry, Mine and Agriculture (ICCIMA) Gholam-Hossein Shafei in meeting with Secretary General of D-8 Organization for Economic Cooperation Mr. Isiaka Abdulqadir Imam urged the member states to broaden the number of items on the list of preferential trade and called for setting up a special committee for investment as well as taking actions for easing visa process for traders.
In the meeting, both sides exchanged views on implementing prerequisites of preferential trade among the D-8 member states and ways for increasing the level of economic cooperation in the group.
Mr. Imam, for his part, said that D-8 had good success in the field of implementing preferential trade, adding that of course the arbitration mechanism has been in suspension for years in order that the member states can reach joint agreement in their talks and for this reason, it was halted and D-8 members could not approve this mechanism in their own parliaments. He further said that but in June 2022, the group could establish the mechanism and soon the industry ministers of the group are to meet for approval and support of the arbitration mechanism.
He admitted that major economic activists in the private sector are unaware of the details of the final approval and they need to get acquainted and informed by the ICCIMA.
Imam expressed his dissatisfaction about the $130b trade volume of the D-8 members, adding that the target of the group is to increase the trade volume of D8 to over $500b by 2030 and this target will be definitely materialized with proper implementation of preferential trade.
He then pointed to the activity of a Malaysian company for creating a platform for e-trade for presenting the products of the D8 and called for cooperation of ICCIMA with this company.
Imam also said that Nigeria will host the meeting of energy ministers of D-8 and private sectors of the member countries will also meet on the sidelines of the meeting.
Then Mr. Shafei, for his part, said that D8 have considerable capacities in economy, culture and human forces and said that despite having a population over one billion and GDP of 4 trillion dollars, this question has always been raised why D-8 with such a huge capacity for trade has low amount of trade among themselves.
He further said that preferential trade can unlock the internal economic relations and develop the volume of ties in D8. He added that the number of items on the list of preferential trade goods among the member states should broaden and the current list is restrictive and with its increase, D-8 can increase trade ties as what he expects.
He also said that as well as preferential trade, the member states should focus more on joint investment and called for the launch of a special; committee for investment to increase capabilities of the members for joint investment.
He also announced readiness of the ICCIMA for cooperation with Malaysian company and said that easing visa process for traders is necessary for broadening trade ties of the member states.