PM Abbasi addresses D-8 Istanbul Summit: D-8 fails to live up to economic, trade targets

• —PM stresses removal of obstacles to boost intra D-8 trade
• –Abbasi says D-8 members need to have a louder voice on international platform 
• –The premier assures Turkey of full support in achieving the organisation’s aims

ISTANBUL: Prime Minister Shahid Khaqan Abbasi said on Friday the Developing Eight (D-8) organisation had fallen short of meeting its trade and economic goals.

The D-8 Organisation for Economic Cooperation aims to facilitate cooperation in the field of development. It includes Bangladesh, Iran, Turkey, Malaysia, Egypt, Indonesia and Nigeria.

The prime minister said, “The 20th Anniversary of the D-8 is an occasion for us to renew our commitment to the accelerated realisation of D-8’s vision and objectives. As a group, the D-8 has vast potential and resources.”

“Twenty years ago, a shared vision motivated the leaders of our countries to establish this organisation to promote cooperation in the key areas of agriculture, industry, small and medium-sized enterprises, trade, transport, energy and tourism,” he said while addressing the ninth summit of the D-8 in Istanbul.

“However, the progress achieved so far falls short of our expectations,” he added.

The prime minister pointed out that intra D-8 trade, after an initial increase, stagnated, adding that the target of USD 500 billion in 2018, envisaged in the 2008 Kuala Lumpur Summit Roadmap, might remain elusive.

PM Abbasi stressed the need for removal of obstacles to pave way for a substantial increase in the intra-D8 trade. He further emphasised on the need to identify impediments that had stood in the way of achieving the organisation’s objectives and urged members to take measures to strengthen the partnership between them. Abbasi urged the member countries to focus on the implementation of projects for development, progress and prosperity of the people of the member countries, expressing hope for greater economic cooperation and added that the private sector can make the best use of emerging opportunities for trade and joint ventures; it is, therefore, of utmost importance that we actively promote entrepreneurship in member countries.

Pakistan, which remained the chairman of this organisation since 2012, also handed over the chair to Turkey at the summit’s opening session. While handing over the chairmanship of the organisation to Turkey, Abbasi assured that the country would have Pakistan’s full backing and support in achieving the organisation’s aims.

The PM said, “Mr President [Erdogan], I congratulate you on assuming the chair of the D-8 Summit. I am confident that your wisdom, sagacity, dynamism and firm commitment will bring new vigour to the organisation.”

“On behalf of the people and government of Pakistan, I assure you of our full support and cooperation in our collective efforts to achieve tangible results. In Pakistan, you will always find a willing partner and friend,” he added.

He also said the Turkey’s chosen theme ‘Expanding Opportunities through Cooperation’ is in complete harmony with the post-2017 development agenda, adding that “shared prosperity is the only form of secure and sustainable prosperity”.

The prime minister highlighted the services of Pakistan as the organisation’s chairman, saying Pakistan assumed the Chair of D-8 organisation in November 2012 at the eighth summit in Islamabad. The summit adopted two landmark documents: the D-8 Charter and the Global Vision, which provided essential basis for organisation’s joint endeavours.

PM Abbasi said Pakistan made every effort to lead the organisation towards the realisation of its objectives, adding it was privilege for Pakistan to host the summit meeting, two sessions of the council and four sessions of the D-8 commission and a number of sectorial meetings since November 2012.

He said another significant milestone achieved during this period was the observer status for D-8 at the United Nations, adding that the status enabled the organisation to closely interact with various UN agencies and affiliated institutions for cooperative arrangements in the priority areas.

The UN status had also given the D-8 an enhanced profile and standing at the international level; however, the PM still highlighted the need for member countries to have a louder voice on the international platform.

Discussing the economic revival of Pakistan, PM Abbasi said Pakistan is celebrating seventy years of its independence, and despite being a victim of terrorism for over a decade, Pakistan has successfully defeated this menace. As a result of a comprehensive strategy and unwavering resolve, Pakistan has successfully turned the tide, the premier added.

Pakistan’s economy has recorded a significant revival in the past four years due to increased security, he said, adding that Pakistan is focused on upgrading communications and energy infrastructure, and enhancing regional connectivity.

The PM underlined the importance of the China-Pakistan Economic Corridor (CPEC) in the economic revival of Pakistan, saying the CPEC will further put the economy on an upward trajectory of robust growth and Pakistan’s integration into the Eurasian Belt and Road network will provide a firm foundation for a rapid economic development.

Turkey President Recep Tayyip Erdogan also addressed the opening session of the summit and spoke on various challenges faced by the Muslim world in general and the member states in particular in different spheres of life including the economic development.