Islamic Republic of Pakistan hosted 4th meeting of the D-8 Supervisory Committee on PTA and 2nd meeting of the D-8 Trade Ministers Council in Islamabad on 16-17 February 2016.

The meeting would discuss, inter alia, implementation of the Preferential Trade Agreement signed in 2006, tariff reduction by members of the bloc, dispute settlement mechanism and review progress so far made to consolidate D-8 Cooperation on trade front and achieve intra-trade target of US$ 500 billion set by its leadership.

The meeting would deliberate upon the status of a preferential trade agreement among contracting parties, review provisions of the Rules of Origin and Bangladesh’s proposal to have 30% local value-addition criteria for the least developed countries (LDCs) as agreed amongst Member States of the Organization of Islamic Cooperation. 

Federal Minister for Commerce Khurram Dastgir Khan would chair the Misisterial session on 17 February 2016. The Ministerial plenary is expected to adopt the Islamabad declaration reaffirming commitment of the members toward consolidation of cooperation through enchancing trade and economic activities and facilitating the same in the region. 

Dr. Seyed AliMohammad Mousavi, the D-8 Secretary-General, said that collaboration between D-8 governments, agencies, and private sectors in realizing the D-8 intra-trade of US$500 billion by 2018 will reach a new height. He underscored that through constructive cooperation and flexibility in the course of deliberations the organization would succeed in reaping the fruits of our endeavors. He highlighted important developments so far achieved and more important steps to be achieved in this meeting. He hoped that Islamabad Declaration of D-8 Trade Ministers will not only add momentum to the trade cooperation, it will set forth strategic action plan with a time frame for achievement of our short-, medium- and long-run objectives and targets. He added that the most important challenge as well as opportunity ahead of the organization was fulfilment of intra-trade target of US$ 500 billion, which will not only establish a strong network of economic actors but also will contribute to the betterment of life and living of our peoples in the region. For this, he stressed the pivotal importance of active and effective collaboration between D-8 governments, agencies, and private sectors. 

Since its establishment in 1997, the D-8 intra-trade volume has increased steadily registering a growth of 16.6% from US$20 billion in 1997 to US$120 in 2014. The highest level was recorded in 2012 reaching almost US$150 billion. However, the D-8 intra-trade experienced a decline in 2013 and 2014 to US$133 billion and US$122 billion respectively.