The Chambers of Commerce and Industry in eight developing countries known as D-8 made up of Bangladesh, Egypt, Indonesia, Iran, Pakistan, Malaysia, Nigeria and Turkey have resolved to carry out works and prepare a road map to increase trade volume between the member countries to $500 billion by 2018.
This was contained in a communique issued at the end of the Izmir Chamber of Commerce hosted the D-8 Chambers of Commerce and Industry Izmir Meeting in Izmir, Turkey from 20-21 October 2016. The meeting was attended by representatives of the chambers of commerce and industry from major cities of the D-8 Member States.
A copy of the communique made available to newsmen at a press conference at the weekend in Kaduna by the President of Kaduna Chamber of Commerce and Industry, Dr. Abdul Alimi Bello who was in attendance, said that the meeting planned to enhance trade between the D.8 countries with Bangladesh in silk and mango; Turkey in culture fishing, leather and shoes sectors; Nigeria in construction, mining, agriculture and energy fields.
According to the communique, the D-8 Countries called for at least half billion dollars reciprocally to each member country. They also disclosed their plan to regulate visa applications between member countries as well as to provide five years visa for business men with multiple entries.
The member countries also resolved to abolish all existing commercial and economic restrictions that obstruct economic co-operation between them, abolish custom duty tariffs between countries as well as facilitate and enhance banking operations within member countries.
Some other points highlighted in the communique include: signing the double taxation avoidance agreement, to cooperate in tourism between member countries, provide scholarship by the Izmir University of Economics to one student from each chamber of commerce and industry that participated in the meeting, to develop know-how and technology transfers between the D.8 countries, to participate reciprocally in trade exhibitions in D.8 countries in order to increase commercial and economic interaction.
Dr. Alimi however disclosed that the meeting planned to arrange D.8 Chambers of Commerce and Industry online exhibition (e-fair) and to share D-8 countries exhibitions calender on the official D-8 Web site and on all D-8 Chambers of Commerce, Industry Web sites.
Dr. Seyed AliMohammad Mousavi, the Secretary-General of the D-8. Speaking to Anadolu Agency, Mousavi said the total trade of D-8 countries at the end of 2012 was $1.8 trillion and it covered the 5.0% of total world trade in 2012, which was around $36 trillion. Mousavi also expressed that trade between D-8 Countries at the end of 2012 was almost $150 billion and it was 8.2% of the total 1.8 trillion trade volume.
The Izmir meeting was attended by the President’s of Abuja, Lagos and Kaduna Chambers of Commerce and industries.
