Prime Minister Sheikh Hasina yesterday called upon the D-8 members to strengthen mutual cooperation on trade, culture and human resources development to deal with unprecedented changes emerging from globalisation.
“Globalisation is appearing as a major challenge for the LDCs and developing countries. Against this backdrop, the member states can take the opportunity to reap benefits through the D-8,” she said while inaugurating the Third D-8
Ministerial Meeting on Industrial Cooperation at Ruposhi Bangla Hotel in Dhaka.
The industries ministry organised the meeting attended by delegates from all D-8 (Developing 8) member countries.
The premier said multilateral organisations are unfortunately more focused with the interests of the developed countries, while the interests of the least developed countries and developing states are often ignored.
Relations between the D-8 and QIC
FROM PAGE 1 member states can be strengthened in this regard, sheadded.
“The D-8 can establish formal engagement with the ASEAN and other regional and international organisations that can promote the interests of the D-8 members,” Hasina observed.
Eight Muslim majority countries -- Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey - stretching from Southeast Asia to Africa believing in some shared values founded the Developing 8, popularly known as D-8, through Istanbul Declaration 15 year ago.
The objectives of the D-8 primarily are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision making at international level, and improve standards of living.
The D-8 members represent around 13 percent of global and around 60 percent of the world Muslim population. Several of its members are identified as Next Eleven emerging countries with an average per capita income of $2,750.
In the Istanbul Declaration of1997, the member states also formed 12 working groups on the selected industrial sector for mutual cooperation.
These sectors include automotive, cement, steel, electronics and IT, petrochemicals and fertilisers, energy and environmental conservation, food industries, textiles and garments, standardisation, technology cooperation, small and medium
enterprise (SME) and machinery.
The prime minister stressed the need for strength -ening economic cooperation among the member states through removing all trade barriers.
She called upon the member states to reach a rational decision soon to ensure full operation of the Preferential Trade Agreement (PTA) to enhance inter-state trade.
According to experts, although intra-trade among the D-8 countries is not satisfactory, it has tremendous potential.
Bangladesh exported goods worth around $821.05 million to other D-8 members in fiscal 2011-12, down by 20.6 percent from the previous fiscal year's $1,034.54 million, according to data from the Export Promotion Bureau.
Turkey is the most promising market among the D-8 nations for RMG export from Bangladesh.
Bangladesh's RMG export to Turkey in fiscal 2011-12 stood at $355.93 million, a 31.3 percent decline from the previous fiscal's $518.32 million, according to EPB data.
Turkey's introduction of high duty on apparel import last year is cited as the reason for the decline.
Bangladesh meets its total annual raw cotton demand of 3.7 million bales solely through import, according to Bangladesh Textile Mills Association. In this regard Bangladesh can procure raw cotton from the D-8 countries such as Pakistan, Turkey and Egypt.
The premier suggested that some member states
open their market for the labour forces of other members which can equally benefit both recipient and contributing countries.
She added the member states need to pay more attention to promote the culture of tolerance, justice, equity and cooperation premised on the glorious values of Islam.
“We have to decide on not to promote any kind of extremism. We need to be more careful towards good governance, accountability and representative government,” she said, adding that by practicing these values and principles, the D-8 could draw greater attention of the international community.
Industries Minister Dilip Barua said collective efforts on diversification of mutual trade relations, enhanced participation in decisionmaking at the international and regional level, and providing better standards of living to the common people are the main thrust of D-8.
He said the collective economy of D-8 members is integrating rapidly with the global economy. Volumes of export and import, which constitute a significant percent of the world trade, have been on the rise.
The GDP growth rate has centred at more than 6 percent on an average among the member states. Value addition of industry to GDP on an average is 38 percent, said Barua.
The second D-8 industries ministers' meeting was held in Istanbul, Turkey on October 4-6 last year, while the first round of the event was held in Iran in 2010.