D-8 nations for innovative cooperation to meet challenges

KUALA LUMPUR: Pakistan and other D-8 Muslim developing countries Tuesday in a joint declaration reaffirmed their determination to meet global challenges through innovative cooperation and called for promoting socio-economic interaction, peace and tolerance. The D-8 countries comprising Pakistan, Malaysia, Iran, Turkey, Indonesia, Bangladesh, Egypt and Nigeria adopted a joint statement at the conclusion of 6th D-8 Summit, urging the need to coordinate through negotiations to resolve various issues. The Summit ended with the joint note of enhancing cooperation in areas including current global food shortage, global warming, labour migration, Islamic banking and finance, and strengthening of global halal industry. On global economic crisis, the D-8 countries agreed to promote the interests of developing countries and redouble efforts to meet global challenges through innovative cooperation. The joint statement stressed that in trade, the developed countries should fully take into account the conditions of developing countries to ensure effective and beneficial integration of countries into global economy. It also called for emphasizing the importance of a meaningful and fair conclusion of negotiation of Doha Development Round as soon as possible. The D-8 countries agreed that areas of international cooperation and should be fair, transparent and non discriminatory and reaffirmed full support of the speedy accession of Iran into the WTO. The countries expressed concern on adverse effects of spiralling oil price and called upon the international community to urgently address the issue. The summit urged cooperation on protecting the rights of migrant workers, both within the context of D-8 and in other regional and global processes, including the Global Forum on Migration and Development. They acknowledged the efforts of the private sector to strengthen collaboration in global Halal industry, biotechnology and renewable energy and the potentials of Islamic banking and finance. The summit expressed satisfaction on the significant growth in intra D-8 trade from USD 14.5 billion in 1999 to USD 60.5 billion in 2007, representing an increase of more than 200 per cent over a period of 8 years, and hoped that the trade volume would further increase with the entry into force of Preferential Trade Agreement (PTA). The summit urged for early implementation of the Agreement on Simplification of Visa Procedures for D-8 businessmen, signed by Malaysia and ratified by Bangladesh, Iran, Pakistan and Turkey. The summit also instructed the Commission to examine the initiative of Iran on the establishment of a Joint Investment Fund for supporting implementation of D-8 projects.