The Secretary General of D-8 countries, Dr Seyed Mousavi yesterday put the expected volume of trade among the group in the next five at $500billion (about N79trillion.)
According to him, at present the inter-trade volume among the member states of D-8 which include Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey, is about $148 billion, approximately N23.38trillion.
Mousavi spoke in Abuja at the 1st Trade Ministers Council Meeting of the Preferential Trade Agreement.
The PTA framework of agreement is one of the main areas countries under the D-8 group intend to explore to boost trade and investment among member nations.
Other areas include multilateral agreement on administrative assistance in customs matters, simplification of Visa procedures for the business man of the D-8 members.
Relying on the International Monetary Fund- International Financial Statistics, the Sec Gen noted that the volume of D-8 total trade to the world increased from $434bn 1997(the pre-D-8 era) to almost $1.8trillion in 2012, representing a leap in percentage from 3.9 to 5.0.
In the same period, he also said D-8 intra-trade also boosted significantly with the volume of intratrade increasing impressively from $15bn in 1997 to almost $150bn in 2012, also representing a percent increase from 3.4 to 8.2.
Also speaking at the occasion, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, underlined the imperative of the council, insisting that the only tool that would deliver sustainable economic growth is trade and investment.
According to him, the meeting is holding at a time when discussions and negotiations are taking place in a number of multilateral fora on how best to use public policies to unleash the potentials for peace, sustainable economic growth and development.
Specifically on the PTA, Aganga who hosted the Council that comprised ministers of member nations, noted that the framework of agreement and schedule of commitment should be implemented in a transparent and predictable manner for the mutual benefit and progress of member states.
Speaking on the achievements of the group since it was formed in 1997, the minister stated,"D-8, established in 1997 has grown in both scope and activities supposedly due to the vigour and dynamism of the private sector which is consistently building many partnership and alliance. At the same time, people to people contact has helped in building trust and confidence as well instilling a feeling of community in D-8.
National Mirror