D-8: the right move for changing global trade dynamics

That the eighth D-8 summit being held in Islamabad is quite symbolic for the country as the key agenda for this summit hinges around greater trade cooperation - an area that Pakistan could really benefit from.
The summit begins with the motive of the D-8 enhancing their share in global trade by 15 percent by 2018, which currently stands at over 130 billion dollars.
"The D-8 countries share in global trade has already been enhanced from 67 billion dollars in 2008 to 130 billion dollars in 2011, which is almost double," Abdul Qadeer Qazi, Secretary Trade Development Authority of Pakistan (TDAP), was quoted by the Associated Press of Pakistan.
Whats unique about this group of nations is that not only are these developing Muslim nations, but the group is not entirely regional in nature. With membership of countries from various regions - Iran, Pakistan, Nigeria, Malaysia, Bangladesh, Turkey, Indonesia and Egypt - it has quite a global concentration.
The diverse nature of countries means that the trade agenda that this years summit is holding makes sound sense. After all, the varied nature of members means the scope for trade cooperation is also much wider.
Globally, freer trade and the removal of trade tariffs have been the calling for most countries; developed and emerging. In line with this paradigm shift at a global level, the creation of trading blocs to have a greater say at international forums, and to negotiate favourable trade terms with is a great idea.
Further, it shows the economic strength of countries even if their diplomatic relations with the developed world have been at odds, as in the case of Iran.
However, the fact that Hasina Wajid, the Bangladeshi Prime Minister and Najib Tun Razak, the Malaysian Premier have refused to attend the conference being held in Islamabad, sours the impact of trade cooperation to some extent.
For Pakistan, membership of such an organisation means it gets to expand trade ties with other trading partners besides the traditional trade peers of US and the Eurozone. At a time when these two are going through recession, diversifying trade partners works well for Pakistan.
With countries such as Malaysia and Turkey a part of the D-8, Pakistan also gets to benefit from trade with rising economies in the world today.
Overall, for Pakistan this is a great step, as it shows the inclination towards prioritizing trade development even in the wake of political turmoil in the country.