D-8 countries trade turnover can hit $500 trillion
Baku, Azerbaijan, Jan. 26
By Umid Niayesh - Trend:
Trade turnover between the D-8 Organization of Economic Cooperation countries can reach $500 trillion by 2018, Ali Mohammad Mousavi, secretary general of the organization said.
The goal can be achieved by boosting cooperation of the member countries' governments and private sectors, Mousavi said, the official website of Iran's Trade Promotion Organization reported Jan. 26.
The fourth ministerial meeting of D-8 organization started on Jan. 26 in Tehran. The three-day meeting is aimed to find ways to increase the efficiency of working groups discussing petrochemical, cement, agricultural, food, textile, electronics, IT and steel industries.
The Islamic Republic's industries, mines and trade ministry in cooperation with Trade Promotion Organization of Iran and the country's foreign ministry organized the ongoing meeting.
D-8, also known as Developing-8, is an organization for development cooperation among the following countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
The establishment of D-8 was officially announced through the Istanbul Declaration of the Summit of Heads of State on June 15, 1997.
The objectives of D-8 are to improve member-states' status in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level and improve standards of living.
Edited by CN