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Eight Muslim Countries Inch Towards Possible Islamic Economic Union
By Emad Mekay
CAIRO Feb 25 (IslamOnline) - Eight Muslim countries meeting in Cairo to discuss economic development vowed to take practical steps towards forming the nucleus for the first-ever Islamic economic bloc and asked developed countries for "a fairer share" of international trade.
Leaders of Muslim countries took turns in the opening session to voice their support for the idea of greater inter-trade among themselves and the necessity to "stand together" in the face of globalization.
In a final communiqué released to the official Egyptian news agency, MENA, the leaders expressed anxiety that developing countries have been barred from the benefits of globalization.
The meeting was the third conference for the Developing 8 Countries, known as the D-8, set up in Istanbul, Turkey, in 1997 at the initiative of the then Islamist government under prime minister Necmettin Erbakan.
The countries - Nigeria, Egypt, Iran, Indonesia, Malaysia, Pakistan, Bangladesh and Turkey - say the door would still be open for other Muslim countries to join the nascent grouping.
The eight countries will sign an accord setting up the first pan-Muslim trade company aimed at drumming up business between the countries from only $400 million to at least double that within the next year.
The group says they hold 12% of the world's oil reserves and 21% of the world's natural gas reserves, enough resources to kick start cooperation with developed countries on even keels.
Although the population of the member states amounts to 800 million people or 13.5% of the world's total population, their combined contribution to world trade is estimated at only four percent.
The Islamic grouping says it's aimed at enhancing cooperation in the fields of finance, tourism, energy, trade and environment and promoting common development.
Foreign ministers signed an agreement on facilitating entry visa procedures for businessmen among the member states on Saturday. Egyptian Foreign Minister Amr Moussa, said that the agreement "is aimed at removing red tape in order to help business councils among the member countries access D-8 markets."
It will also eliminate administrative obstacles to mutual investments, the minister said, adding that it is of importance to promote cooperation among the private sector of the D-8.
The D-8 summit is held every two years, with the inaugural summit held in 1997 in Istanbul, Turkey's largest city, where the group's headquarters is based.
The second summit was held in Dhaka, Bangladesh, during which emphasis was given on easing customs procedures and documentation to facilitate movements of goods among the D-8 members, as well as ways to ease travel restrictions.
The one-day summit has drawn Egypt President Hosni Mubarak, Nigerian President Olusegun Obasanjo, Turkish President Ahmet Necdet Sezer, Bangladeshi Prime Minister Sheikha Hasina Wajed, Pakistani leader Pervez Musharraf, Iranian Foreign Minister Kamal Kharazi and Malaysian Foreign Minister Syed Hamid Albar.
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