OIC Aims For 25 Pct Intra-Trade By 2025

By Ahmad Shukran Shaharudin JEDDAH, July 17 (Bernama) – The Organisation of Islamic Cooperation (OIC) has adopted a new target of 25 per cent intra-OIC trade by 2025, the Professional Officer of the Economic Affairs Department, Naghi Jabbarov said Tuesday. He said currently the value of intra-OIC trade is at US$694 billion, while OIC’s share of world trade remains at 10.33 per cent. "Intra-OIC trade has increased progressively from 14.4 per cent in 2005 to 20 per cent in 2016. The OIC has adopted a new target of 25 per cent of intra-OIC trade by 2025. "This coincides with the end of the previous OIC Ten-Year Programme of Action and the roll-out of a new development blueprint tagged OIC-2025. “It will also underscore the role of the General Secretariat in initiating the required synergy and coordination for the expeditious execution of programmes and projects," he added. Jabbarov was speaking to a 11-member delegation of media editors invited by Saudi Arabia Culture and Information Minister Dr Awwad Bin Saleh Al Awwad to cover pre-pilgrimage preparations in the Holy Land at the OIC headquarters here. The editors are from Turkey, Sudan, Indonesia, Pakistan, Malaysia and Senegal. Speaking on behalf of the OIC General Secretariat, Jabbarov said a major effort towards promoting intra-OIC trade and inclusive growth, was providing an adequate response to the financial needs of small and medium enterprises. In this regard, he said, the OIC strategy for attaining 20 per cent intra-OIC trade by 2015 featured, among other programmes, trade financing, trade promotion and capacity building. "Accordingly, the trade finance approvals and disbursements reached US$4.8 billion and US$3.2 billion respectively in 2017. These interventions have tended to support micro, small and medium enterprises in OIC member states, particularly those least developed,” Jabbarov added. The sectoral distribution of the trade finance support was in favour of the productive sector, industrial capacity-building and innovation. -- BERNAMA