The developing eight countries (D8) agreed to jointly produce a car under a common brand name, the D8 automotive specialized working group chairman said here on Monday.
The Moj news agency quoted Mohammadreza Roshani-Moqaddam as saying that the D8 member states currently produce around 5 percent of cars in the world.
Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan, and Turkey are the D8 member states which took part in the 5th meeting of working groups on industrial cooperation in Tehran from February 28 to March 1.
"The D8 would be a suitable market for the car," the official said adding, the produced car could even be exported to other countries.
"Since Iran, Turkey, and Malaysia are the only member countries that have car manufacturing factories, the common brand car will be designed by these three," he explained.
According to him, economic justification studies will be completed in 6 months and the plan will be followed up in the next D8 meeting in Istanbul.
Following the "Conference on Cooperation for Development", on October 22, 1996, and after a series of preparatory meetings, the establishment of D8 was announced officially by the Summit of Heads of State in Istanbul, on June 15, 1997.
The objectives of D8 are to improve developing countries'' positions in the world economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide better standards of living.