The D-8 Organization for Economic Cooperation will expand its purview and execute the D-8 Preferential Trade Agreement (D-8 PTA).
The decision, in this regard, came from the third meeting of the Trade Ministers Council of the D-8 held in Dhaka on 5 March with State Minister for Commerce Ahsanul Islam Titu in the chair, reads a press release.
The 'Dhaka Declaration' was unanimously adopted at the D-8 Trade Ministers meeting with significant achievements, focusing on expanding future trade and investment opportunities.
The notable decisions of the ‘Dhaka Declaration’ include the expansions of trade among the alliance countries, the concessional offer list, and encouragement of the private sectors to expand trade.
The organisation approved the ‘Protocol on Dispute Settlement Mechanism of the D-8 PTA’ and the ‘D-8 Trade Facilitation Strategy’.
In light of the decade-long commitments of the D-8 for the period 2020-2030, the intra-trade of the member countries is expected to increase to 10 percent of the total trade among these countries.
Prior to this, the 7th meeting of the Supervisory Council of the alliance was held on 4 March.
The D-8 Organisation for Economic Cooperation, also known as Developing-8, has been comprised of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey to cooperate for development of the member countries.
The organisation was founded on 15 June, 1997.
