Iran asks D-8 countries to accelerate the implementation of preferential trade agreement

Business Materials 7 April 2021 13:31 (UTC +04:00)

TEHRAN, Iran, April. 7


The Foreign Minister of the Islamic Republic of Iran, Mohammad Javad Zarif, who is in Nursultan (Astana), capital of Kazakhstan, attended the 19th Developing Eight (D-8) Summit’ being hosted by Bangladesh in virtual format on April 7 (Wednesday).

In a virtual statement, Iran’s Foreign Minister Javad Zarif instead of elaborating on the shared challenges ahead of the member states has focused on decisive choices they can collectively make within the D-8 existing and potential frameworks for cooperation, Trend reports citing Tasnim News Agency.

He went on to say that “this is also very important and pertinent as we are about to finalize the D-8 Decennial Roadmap.”

Regarding the trade issue, he says that the target of 20 percent intra-D8 trade by 2030 will be in our reach if the existing preferential trade agreement along with some supplemented arrangements (in terms of customs, finance and micro-finance, banking, digital capacities, etc.) are implemented.

“Our governments shall take the role of enabler and our private sectors and SMEs shall be taken on board,” he noted.

He referred to the connectivity between the member countries and added that despite the geographical remoteness of some D-8 countries, D-8 can be an interconnected body of countries.

“This can be and should be realized in terms of, among others, multi-modal transport and port cooperation, cultural affinity and tourism and business-to-business connectivity,” the minister added.

The D-8 was established in 1997 to promote economic and development cooperation among eight member states. The D-8 secretariat is located in Istanbul. The D-8 objectives, inter alia, include improving developing countries’ position in the world economy, diversifying new opportunities in trade relations, and enhancing participation in decision-making at the international level.

D-8 is consisting an economic group of eight developing Islamic countries including Iran, Turkey, Pakistan, Bangladesh, Indonesia, Malaysia, Egypt, and Nigeria.