D-8 trade to double in 5 years

The trade volume between the Developing-8 countries is set to double in the next five years, said the alliance's Secretary General Seyed Ali Mohammad Mousavi yesterday.
Various agreements have been signed to enhance administrative cooperation on duty issues, ease visa process and air service, to enhance the trade volume, Mousavi said during a meeting with Dilip Barua, industries minister.
“So, we expect the trade volume to hit $300 billion by 2018,” he added.
Barua said there are vast human and natural resources in the D-8 countries, which have been untapped so far.
“D-8 can emerge as a powerful economic alliance through proper utilisation of the resources,” he said, while emphasising strengthening cooperation in food security, small and medium enterprises, communication and energy sectors.
The D-8 Organisation for Economic Cooperation was founded in 1997 by eight developing countries -- Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey -- with large Muslim populations and shared values.
The objectives of the alliance are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision making at international level and improve standards of living.
The D-8 members represent around 13 percent of global population, with several of its members identified as the Next Eleven emerging countries owing to their average per capita income of $2,750.