OIC Chief urges Partnership among Muslim Countries for economic progress 3 Jeddah

The Session celebrates the 25th anniversary of the creation of the standing
committee entrusted with the task of addressing economic and commercial cooperation
among OIC member states. The Session also coincides with the OIC celebrating its
40th anniversary.


COMCEC became operational at the 4th Islamic Summit in 1984. “As the responsible
organ for promoting economic and commercial cooperation among OIC member states,
COMCEC has proven to be a very effective tool in strengthening economic and trade
ties among the member states, “ said Prof. Ihsanoglu.

One of its important achievements is the drawing up of the ‘Framework Agreement
on Trade Preferential System’, which entered into force in the autumn of 2002,
which produced “The Protocol on the Preferential Tariff Scheme for TPS-OIC”
(PRETAS). Prof. Ihsanoglu announced that PRETAS is entering into force with the
tenth ratification by the People Republic of Bangladesh two days ago, according to
an OIC Press Release issued in Jeddah Saturday evening.

The landmark adoption by the Third Extraordinary Islamic Summit in Makkah of the
OIC Ten-Year Program of Action (TYPOA) gave the requisite approval to the new
vision and momentum elaborated for more active economic cooperation among the OIC
member states. The economic thrusts of the Program are elimination of trade
barriers, boosting of intra-OIC trade, alleviation of poverty, a Private-Sector-led
development and establishing a free trade area among the member states.

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