Qatar calls for creating Common Islamic Market

28/11/2014 06:34 AST

Speaking on behalf of all Arab countries, Qatar’s Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, yesterday at the Ministerial Session of the 30th COMCEC meeting in Turkey proposed to establish a “Common Islamic Market” among the member countries of the Organisation of Islamic Cooperation (OIC).

“Given the rapidly changing global economic outlook, OIC members should cope up with the situation by creating strategic economic alliances, which requires deeper economic integration among the member countries,” Sheikh Ahmed told in his address at the ongoing meeting of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC).

The Minister said that creating an economic alliance among OIC members is not an optional thing but has become a necessity at a time when the world is divided into different economic blocks.

“If we want to protect our present and future interests, it is very important to study and take practical steps about establishing a Common Islamic Market by agreeing first to establish a Free Trade Agreement among the OIC member countries and remove all tariff and non-tariff barriers gradually,” he said.

According to Sheikh Ahmed, removal of trade barriers among the OIC member countries are expected to be one of the key issues of discussion at the COMCEC meeting.

The meeting, which coincided with the 30th anniversary of COMCEC’s establishment, was opened by Turkish President Recep Tayyip Erdogan. Ministers and high level delegates from the 57 member countries of OIC are attending the three-day event which is scheduled to end today.

Established by OIC in 1981, COMCEC is the main multilateral economic and commercial cooperation platform of the Islamic world. It serves as a forum to address the common development problems and provide solutions to them.

Sheikh Ahmed, acknowledging the efforts made by Turkey over the last three decades in translating the objectives of the forum into a reality, said that it is a chance for all of us to assess the successes made, and look forward for ways and means to materialize the goals we are yet to achieve.

He also expressed his confidence at COMCEC that it has the ability to develop a new course of action for 2016-2025 to enhancing volume of trade and sustainable development which requires peace and political stability in the member countries.

He reiterated that peaceful environment and political stability are some of the key elements for attaining sustainable development, which can be achieved through establishing an independent State of Palestine with Al Quds as its capital. And all OIC members must support the cause of Palestine for peace and tranquility in the region as a whole.

He also noted that Arab countries have already adopted the recommendations of COMCEC for mutual cooperation in order to facilitate trade by pushing forward multilateral and plurilateral trade agreements among the member countries.

The Minister highlighted that the unified tariff system adopted by Gulf States eventually helped in implementing a Common GCC Market, which can be further expanded to OIC member countries. He also suggested to establish big joint companies, with especial focus in the services sector, for mutual growth and development.

He noted that due to the efforts of OIC and COMCEC, trade among the member countries increased from 14 percent in 2004 to 18.4 percent in 2013.

The Peninsula