The two-day Second D-8 Summit concluded in the city yesterday with the adoption of the Dhaka Declaration pledging steps to turn the new grouping into an effective trading bloc and greater cooperation in 13 thrust sectors.

The Summit was a turning point in infusing dynamism In the D-8 that represents eight most populous Muslim countries having a total of 800 million people, nearly one seventh of the global population, the Declaration said.

The D-8. launched in June 1997, comprises Bangladesh. Egypt, Iran. Indonesia.. Malaysia. Nigeria. Pakistan and Turkey. The third Summit will be held in Cairo in 2001.

Through the Dhaka Declaration. the D-8 leaders recognised trade and business as one of the most potential areas of cooperation and collaboration

and resolved to convene a meeting of ministers of trade and commerce at an early date.

The Declaration called for establishing a Federation of D-8 Chambers of Commerce and Industries and asked the members to expedite implementation of the already assigned priority projects at the earliest by utilising available resources and capabilities.

The Declaration acknowledged benefits of globalisation but cautioned that the D-8 should recognise the accompanying risks of destabilisation and increased inequality between developing and developed countries.

The D-8 leaders decided to consult with relevant international institutions to minimise the effects of the global financial crisis and to contribute to reforms in the international financial system in coopera-

tion with other developing countries.

The 33—point Declaration agreed on the need for creating a permanent coordinating centre to facilitate conference and secretarial services and instructed the D-8 Council of Ministers to finalise it before the end of 2000.

The Dhaka moot adopted some concrete measures to shape the cross-continent D-8 grouping into a strong trading bloc through adoption of multifarious programmes, including holding meetings and seminars. and constituting various fonims and groups, according to UNB.

The summiteers decided to consult relevant international institutions both to minimize the effects of the global financial crisis and also to contribute to efforts aimed at re-

forms in the international financial system in cooperation with other developing countries. whenever appropriate.

They emphasized the need of channeling adequate resources into the developing countries for investment and institutional capacity building to enable them to better deal with the challenges of a globalised economy and open trading system.

While recognising that trade among the D-8 is a most promising area of cooperation, the Dhaka meet felt that its potential is yet to be fully tapped. In this context, they directed the D-8 Commission to further explore the possibilities of promoting trade among the member countries, among others. through (he convening a meeting of Ministers of Com-merce/Trade and Economy at an early date and explore those possibilities.

They viewed that simultaneous or parallel meetings of a Business Forum, involving entrepreneurs of the member states, with D-8 Summits could help develop the much-needed partnership for development.

"We appreciated the initiative of Egypt to convene simultaneously with our next Summit in Cairo the first D-8 Business Forum," said the summit declaration.

In preparation for the Forum, the participants should be encouraged to come with specific proposals for expanding trade and setting up joint ven-