Muslim nations need to further promote and strengthen economic ties and cooperation for exploiting the existing potential and ensuring maximum possible trade exchange among them. Shahid Zaman Shinwari, Acting President Islamabad Chamber of Commerce and Industry (ICCI), has made these remarks during a meeting. He said that Islamic countries own major production of oil and other valuable natural resources but the trade volume of these countries with Europe and America is far greater than themselves. He said that Muslim countries should focus on the promotion of trade among themselves because their existing trade volume accounts for only 7.8 percent of the world export and 6.7 percent of the world import. Thus, the level of economic and commercial cooperation among Muslim countries should be increased on sound footings, he maintained. Shinwari was of the view that multi-lateral trade among the Muslim countries could lift up their economies. He cited the examples of Iran, Malaysia and Turkey, which are industrializing at a much better rate. Therefore, these countries should provide expertise in establishing basic industries like iron and steel and other metallurgical products in other Muslim countries which provides a strong reason for having close trade relations among these countries, he added.
