JAKARTA: Minister for Commerce, Khurram Dastgir, has said that the Islamic world should put forth new ideas and innovation-based research to break the economic inertia which is hindering the economic development in Muslim world.
He made these remarks while representing Pakistan at the 12th World Islamic Economic Forum (WIEF) being held from August 2-4. Prime Minister Nawaz Sharif nominated Khurram Dastgir to represent Pakistan on his behalf at the forum.
The minister in his speech at the inaugural ceremony said, “We are suffering not only from poverty of our people but also from a poverty of ideas on how to bring about an economic revolution to improve the lifestyles of our people.”
He said, “We suffer from poverty of ideas to facilitate our private sector within Organisation of Islamic Cooperation (OIC) behind our borders, at our borders, and beyond our borders.”
The minister, while emphasising the pressing need for equal opportunities for the Muslims said that the Muslim world has to empower future businesses by de-centralising growth so that the bounties of economic progression could stretch till the tail end of the economic strand.
Pakistan is committed to strengthen intra-OIC economic and trade cooperation to further the cause of economic integration of Muslim states leading to the establishment of an Islamic common market, he said.
Dastgir informed the forum about efforts of Pakistan being made to integrate itself with the Muslim world in trade, logistics and economic cooperation.
The trade preferential system among the member states of the OIC (TPS-OIC) is one of the most important projects of the organization to foster intra-OIC trade, he said.
This system is based on three agreements, which include the framework agreement, the Protocol on Preferential Tariff Scheme (PRETAS) and the rules of origin, he added. The minister said that Pakistan has already signed and ratified the required three agreements pertaining to TPS-OIC and submitted the concession list to the OIC Secretariat.
He said that Pakistan has also been pursuing trade partnerships with OIC member countries through preferential trade agreements, free trade agreements and various other bilateral arrangements. He informed the audience that Pakistan has signed and ratified the WTO agreement on trade facilitation, which reflects our commitment to a transparent, simple, de-regulated and private sector-driven business environment.
He further emphasised the need for more frequent interaction among policy makers and private sector of the Muslim world. Pakistan offers its fullest support to initiatives for liberalisation of trade, investment and services as well as travel facilitation between Islamic countries, he said.
He called upon the Muslim world to join hands for deeper trade liberalisation among ourselves, and for more extensive technical and knowledge collaboration in other fields of economy.
The forum was inaugurated by Joko Widodo, president of Republic of Indonesia and Dato Sri Mohd Najib Tun Abdul Razak, prime minister of Malaysia and patron of the WIEF Foundation, who also made a special address at the forum.
