Intra-OIC Trade Progressing Well, Trade Volume Clinches 18 Pct

By M.Saraswathi NEW DELHI, July 9 (Bernama) -- Intra-trade among the Organisation of Islamic Cooperation (OIC) is progressing well as the trade share among member countries has touched 18 per cent, Islamic Centre for Development of Trade Director-General, Dr El Hassane Hzaine, said. The overall intra-OIC trade reached US$269.50 billion in 2010 and the share of intra-OIC trade in the 57-member states' global trade saw a 2.28 per cent increase to 17.03 per cent in 2010 from 16.65 per cent in 2009. "This year, the intra-OIC trade has reached 18 per cent, which is closer to the 20 per cent targeted figure by 2015. Hence, a new target of making it 25 per cent by 2025 has been set,” he told Bernama. The intra-OIC trade continues to be concentrated among 10 countries which ensured 69 per cent of the intra-OIC trade, namely the United Arab Emirates, Turkey, Saudi Arabia, Malaysia, Indonesia, Iran, Pakistan, Syria, Egypt and Iraq. The Islamic Centre for Development of Trade, which has been entrusted with trade promotion and investment among OIC member states, has been organising trade promotions and specialised exhibitions to further boost trade among member countries, he said. "We've also facilitated negotiations of preferential tariff among Islamic countries. About 14 countries have already come up with the list of goods for the facility,” he added. -- BERNAMA