National News

JAKARTA (Indonesia), (APP): Minister for Commerce, Engr.
Khurram Dastgir Khan has said that the Islamic world should put
forth new ideas and innovation-based research to break the economic
inertia which is hindering the economic development in Muslim world.
He made these remarks while representing Pakistan at the 12th
World Islamic Economic Forum (WIEF) being held here from August 02
to 04 according to a message received here on Tuesday.
Prime Minister of Pakistan nominated Khurram Dastgir to represent
Pakistan on his behalf at the Forum.
The Minister in his speech at the inaugural plenary said “We
are suffering not only from pervasive poverty of our people but also
from a poverty of ideas on how to bring about an economic revolution
to improve the lifestyles of our people.”
He said “We suffer from a poverty of ideas to facilitate our
private sector within Organization of Islamic Cooperation (OIC) behind our borders, at our borders, and beyond our borders.”
The Minister while emphasizing the pressing need for equal
opportunities for the Muslims said that the Muslim world has to
empower future businesses by de-centralizing growth so that the
bounties of economic progression may stretch till the tail end of
the economic strand.
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.
Dastgir apprised the Forum about efforts of Pakistan made to integrate
itself with the Muslim world in trade, logistics and economic cooperation.
Trade Preferential System among the Member States of the OIC
(TPS-OIC) is one of the most important projects of the Organization
to foster intra-OIC trade, he mentioned.
This system is based on three agreements, namely the Framework
Agreement, the Protocol on Preferential Tariff Scheme (PRETAS) and
the Rules of Origin.
The Minister said that Pakistan has already signed and
ratified the required three agreements pertaining to TPS-OIC and
submitted the concession list to the OIC Secretariat.
He said that Pakistan has also been pursuing trade
partnerships with OIC member countries through Preferential Trade
Agreements, Free Trade Agreements and various other bilateral
arrangements.
He informed the audience that Pakistan has signed and ratified
the WTO Agreement on Trade Facilitation, which reflects our
commitment to a transparent, simple, de-regulated and private sector
driven business environment.
The Minister emphasized the need for more frequent interaction
among policy makers and private sector of the Muslim world.
He said that Pakistan offers its fullest support to
initiatives for liberalization of trade, investment and services as
well as travel facilitation between Islamic countries
He called upon the Muslim World to join hands for deeper trade
liberalization among ourselves, and for more extensive technical and
knowledge collaboration in other fields of economy.
The Forum was inaugurated by Joko Widodo, President of the
Republic of Indonesia and Dato Sri Mohd Najib Tun Abdul Razak, Prime
Minister of Malaysia and Patron of the WIEF Foundation made a
special address at the Forum.
Leaders and representatives of Kuwait, Qatar, Bangladesh,
Nigeria, Algeria, Tajikistan, Jordan, Guinea, Sri Lanka, Vietnam,
Thailand, South Africa and Islamic Development bank also spoke at
the inaugural session.
The Minister will also deliver letters of thanks from the
Prime Minister of Pakistan for the President of Republic of
Indonesia and the Prime Minister of Malaysia who had invited the
Prime Minister of Pakistan for the Forum.