D-8 wants to make PTA operational by Oct

The members of the D-8 Organisation for Economic Cooperation want to make the Preferential Trade Agreement (PTA) operational by October this year, as the bloc targets taking the intra-regional trade nearly three times to $400 billion by 2030.

Currently, the trade among the D-8 member countries is $129 billion, which was $14 billion 25 years back.

"We want to take the trade to $400 billion by 2030," D-8 Secretary General Ambassador Isiaka A Imam told journalists after the D-8 ministerial meeting at the Hotel InterContinental in Dhaka yesterday.

He said the D-8 is looking at developing a payment card just like that of Mastercard for quick and effective payment among its members.

"We are also looking at barter system so that we can reduce pressure on our foreign reserve," Imam said.

He made the comments taking into account the current global challenges, including the high prices of food and fuel, that are causing global inflation and affecting the low-income and developing countries the most.

Among the D-8 countries, also known as Developing-8, Egypt was the last one to agree to ratify the PTA, Foreign Minister AK Abdul Momen said at a press conference after the ministerial meeting.

"We hope to significantly boost trade in the days to come," Momen said.

The D-8 countries are home to about 13 per cent of the world population and accounts for almost $4 trillion of the gross domestic product and $1.5 trillion of export.

"We cannot ignore this huge market and the positive impact it can have on our economy. It is now time to concentrate on trade and investment more intently," the minister said.

Prime Minister Sheikh Hasina has offered space for investors from the D-8 member countries in the special economic zones and hi-tech parks in the country, he said.

He said the meeting discussed trade and investment, industry, energy, agriculture, transportation and tourism.

In the wake of global energy crisis, the meeting also decided to hold a ministerial level meeting on energy.

Asked if the meeting discussed buying fuel from Iran, the foreign minister said Iran is keen to sell fuel but there are some obligations which is why Bangladesh cannot buy from it.

"We shall exchange our technical know-how on the agricultural best practices and alternative energy," he said.

Wahida Ahmed, director general of international organisations wing at the foreign ministry, and Toufique Hasan, director general of the public diplomacy wing, were present.