ISLAMABAD: Federal Minister for Commerce, Makhdoom Amin Fahim here on Tuesday reiterated the resolve to enhance trade among the Developing 8 Countries (D-8) upto US$ 500 billion by the year 2018 with removal of tariff and non- tariff issues.
Addressing the seminar on Exploring Trade Opportunities Among D-8 countries he said that the trade among the D-8 countries was just US$ 130 billion which was far below than the comfortable position.
The minister said that the D-8 nations ware rich in mineral resources and it was the need of the time that these nations should develop an economic bloc by increasing the trade volume.
He said that the trade volume could be increased by removing the tariff and non-tariff barriers and by resolving technical issues creating hurdles among the developing economies.
He urged the need to establish a common road map for combating the social and economical challenges being faced by the D-8 countries.
He said that these countries have the potential to overcome the challenges faced in trade and economic sectors.
Amin Fahim also asked for enhancing bilateral relations in other sectors of economy like services, investment for building strong economic bloc for the prosperity of the people of these countries.
The Commerce Minister asked for introducing cost effective business policies and creating business friendly environments in the D-8 countries to further promote trade and commerce among these countries.
He said that the event would bring positive effects and help to promote the trade and business by developing proper strategies.
Addressing the seminar, Chief Executive Officer, Export Promotion Bureau of Bangladesh, Shubhashish Bose said that Pharmaceutical industry and ready made garments sector were rapidly growing and Bangladesh was exporting medicine for more than 87 countries across the world.
Speaking on the occasion, Egyptian Minister for Industries and International Trade said that his government was working to liberalize its economy and modernize all its port for trade promotion.
He stressed the need for sharing the expertise and capacity building and exchange of delegation for enhancing bilateral trade among the D8 countries.
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