FPCCI calls for re­mov­ing trade bar­ri­ers among coun­tries

The Pak Banker - - NATIONAL - Staff Reporter

The Pres­i­dent FPCCI Ab­dul Rauf Alam will par­tic­i­pate in Ex­ec­u­tive Com­mit­tee and Gen­eral As­sem­bly meet­ing of Is­lamic Cham­ber of Com­merce & In­dus­try (ICCI) this month at Jed­dah. The Pres­i­dent FPCCI men­tioned the ob­jec­tive of his par­tic­i­pa­tion to high­light prob­lems, ob­sta­cles and mea­sures to boost trade among Mus­lim coun­tries.

Rauf Alam in­formed that the Ex­ec­u­tive Com­mit­tee of Is­lamic CCI will dis­cuss intra-OIC trade, en­hanc­ing pro­duc­tiv­ity and com­pet­i­tive­ness, di­ver­si­fi­ca­tion and value ad­di­tion prod­ucts, free ex­port pro­cess­ing zones, pro­mo­tion of in­ter-OIC in­vest­ment in pub­lic and pri­vate sec­tors and en­hance the share of intra-OIC trade to 25% in the global trade.

While dis­cussing the global share of trade per­tains to Mus­lim coun­tries, he said that the trade among the Mus­lim coun­tries is cur­rently 19% of global trade. He said that this share was 15% in 2005 which in­di­cates a slight im­prove­ment of 4% in the time span more than 10 years. He in­formed that mu­tual trade vol­ume be­tween EU mem­ber coun­tries is 64% of global trade, NAFTA share is 49% ASEAN share is 25% of the global trade. He in­di­cated that trade be­tween Mus­lim coun­tries is much lower de­spite of the fact con­sid­er­ing it largest block of the world in terms of num­ber of coun­tries.

While dis­cussing the trade re­la­tions among the Mus­lim coun­tries, he re­ferred the re­port of ICDT and said that ac­cord­ing to this re­port the main ob­sta­cles to the de­vel­op­ment of intra-OIC ex­ports are the cost of de­vel­op­ing new mar­ket, for­eign ex­change risks, the cost or sup­ply of labour, regulation of for­eign govern­ment, the col­lec­tion of in­for­ma­tion on mem­ber states mar­kets get­ting li­censes or bonds and lo­cal part­ners.

Rauf Alam fur­ther said that the more in­ter­est­ing fact that share of trade of Mus­lim coun­tries with EU coun­tries is 20% and with China it is 13%. He said that main ex­port of Mus­lim coun­tries is min­er­als, fuel while main im­ports are ma­chiner­ies, boil­ers and elec­tri­cal ap­pa­ra­tus. He fur­ther in­formed that UAE, Turkey, Saudi Arab, In­done­sia and Malaysia cov­ers more than 50% of intra OIC trade out of 57 mem­ber coun­tries of OIC. More than 90% of non-oil and non­gas trade be­longs to D8 coun­tries with Mus­lim World.

Rauf Alam, Pres­i­dent FPCCI who is also hold­ing of­fice of Pres­i­dency of ECO CCI and Chair­man­ship of D-8 CCI said that Pak­istan, Turkey, Malaysia, In­done­sia, UAE, and Egypt are in­cluded in those coun­tries which are fac­ing the largest num­ber of trade ob­sta­cles from their part­ner coun­tries. Ma­jor­ity of those ob­sta­cles and non-tar­iff mea­sures have been im­posed on Mus­lim coun­tries by their part­ner coun­tries, he added.

He said that this has be­come ma­jor re­spon­si­bil­ity of OIC, ICCI, ECO and D8 is to re­move trade ob­sta­cles among the part­ner coun­tries and ex­pressed his con­fi­dence that th­ese plat­forms will get suc­cess to re­move non-tar­iff bar­ri­ers and eco­nomic and trade ac­tiv­i­ties will be flour­ished.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.