Economic inertia hinders development in OIC states: Dastagir

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Minister for Commerce Khurram Dastgir Khan has said that the Muslim world is suffering not only from pervasive poverty “but also from a poverty of ideas on how to bring about an economic revolution to improve the lifestyles of our people”.

While addressing the World Islamic Economic Forum (WIEF)’s 12th inaugural plenary session in Jakarta he said that Pakistan is committed to strengthening intra-OIC economic and trade cooperation to further the cause of economic integration of Muslim states leading to the establishment of an Islamic common market.

He was of the view that the Islamic world should put forth new ideas and innovation-based research to break the economic inertia which is hindering the economic development of poor masses in Muslim world.

“We suffer from the poverty of ideas to facilitate our private sector within the OIC behind our borders, at our borders, and beyond our borders,” he added.

While emphasizing the pressing need for equal opportunities for the Muslims, Khurram Dastagir said that the Muslim world has to empower future businesses by de-centralising growth so that the blessings of economic progress may stretch to the tail-end of the economic strand.

Pakistan offers its fullest support to initiatives for liberalisation of trade, investment and services as well as travel facilitation between Islamic countries. Dastgir urged the fellow member countries to join hands for deeper trade liberalisation and for more extensive technical and knowledge collaboration in other fields of economy.

Dastgir detailed the efforts of Pakistan to integrate itself with the Muslim world in trade, logistics and economic cooperation. Trade Preferential System among member states of the OIC (TPS-OIC) is one of the most important projects of the Organisation to foster intra-OIC trade.

This system is based on three agreements, namely the Framework Agreement, the Protocol on Preferential Tariff Scheme (PRETAS) and the Rules of Origin.