D8 to implement preferential trade agreement

Iran Materials 18 May 2011 10:59 (UTC +04:00)

Iran will prepare a list of goods for implementing preferential trade agreement (PTA) with other members of the eight developing Islamic countries (D8) within three months, said Commerce Minister Mehdi Ghzanfari in a meeting with the D8 secretary general here on Tuesday-MNA reports.

IRNA quoted Ghzanfari as saying that Iran is the first country which signed and ratified the preferential trade agreement and also proposed its recommended list of goods for implementing the agreement.

So far, Iran, Malaysia and Nigeria have ratified their list of goods for joining the PTA.

D8 Secretary General, Widi Pratikto, is taking part in the second meeting of agricultural ministers of D8, which inaugurated on Monday in Tehran.

The idea of cooperation among major muslin developing countries was mooted by Turkey, during a Seminar on "Cooperation in Development" which was held in Istanbul in October 1996.

The objectives of D8 Organization for Economic Cooperation are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living.