D-8 launches trade deal

A group of eight Muslim majority developing states -- D-8 (Developing-Eight) -- has launched a preferential trade agreement (PTA) to facilitate investment and economic cooperation among the members.
The D-8 Business Forum in the Nigerian capital of Abuja on Monday established the PTA to promote free trade among the member states.
The agreement is also aimed at eliminating non-tariff barriers (NTBs) such as quotas, border charges, and fees and taxes on transactions, according to a message received here yesterday.
The D-8 comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey, with a total population of 930 million. It was set up in 1997 to promote economic cooperation and solidarity among the eight Muslim states.
Foreign ministers of the member states, who met yesterday, endorsed the PTA and the Abuja Declaration of the seventh D-8 summit. The summit meeting, which will take place tomorrow, is being preceded by a series of meetings.
Foreign Minister Dipu Moni led the Bangladesh delegation at the ministerial, which also focused on expansion of cooperation on energy, transport, tourism, banking, science, investment and running joint financial institutions.
The heads of the states and governments will give final approval to the PTA and other decisions endorsed by the ministerial on Thursday. Prime Minister Sheikh Hasina is scheduled to leave for Abuja today.
The PTA covered 8 percent of the D-8 country tariff lines above 10 percent.
Officials in Dhaka said the agreement would, among other things, promote global trade and investment as the scope applied to trade in goods, phases of tariff reduction as contained in the D-8 roadmap.
The roadmap aims to encourage greater economic cooperation among the member states through the mobilisation of resources from the government and private sources in implementing D-8 projects.
The opportunities exist in industrial development, transportation, agriculture, tourism, solid minerals, energy, information and communication technology, and oil and gas, among others.
Secretary-General of D-8 Federation of Chambers of Commerce, Industry and Mines Abdoleza Hanjani said the private sector must be encouraged to participate in D-8 programmes, while terming it "the driver of the economy".
Hanjani said the PTA was a positive development, and urged the D-8 commission to address issues of visa and free movement, as they still pose a challenge to economic development.
Nigeria on Sunday took over the rotational two-year chairmanship of the D-8 from Malaysia and is hosting the 28th session of the commission, which ends tomorrow.
Turkish President Abdullah Gul, Iranian President Mahmoud Ahmadinejad, Nigerian President Goodluck Jonathan and Bangladesh's Prime Minister Sheikh Hasina will attend the summit.
Egypt will be represented by Prime Minister Ahmed Nazif, Malaysia by its Deputy Prime Minister Tan Sri Muhyiddin Mohn Yassin, and Indonesia and Pakistan by ministers.
The Bangladesh delegation includes senior officials from the Prime Minister's Office, commerce, finance and foreign ministries, governor of Bangladesh Bank and representatives from the private sector.