KUALA LUMPUR: Trade among the Developing-8 (D-8) members is expected to reach US$500 billion (RM2.08 trillion) by 2018.
D-8 is an inter-governmental organisation consisting of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
Foreign Affairs Minister Datuk Seri Anifah Aman said the target was set at the first D-8 ministerial council meeting on the preferential trade agreement in Abuja in June 2013. Last year, D-8 intra-trade amounted to US$121.8 billion.
"We are still far from achieving the target despite the encouraging figure. But I believe it is attainable driven by the potential cooperation among the D-8 countries in the tourism industry and role of the small and medium enterprises as they represent 98% of the registered businesses in D-8.
"Therefore, I would like to urge the the governments and private sectors of D-8 to focus on identifying possible measures in strengthening our cooperation in the areas of trade and investment," he said at the D-8 Chambers of Commerce and Industry Conference here on Tuesday.
The text of his speech was read by the Foreign Affairs Deputy Minister Datuk Seri Reezal Merican Naina Merican.
Anifah said the tourism industry, particularly in Islamic tourism, should be seen as a powerful driver for development and economic growth of the D-8 countries.
He said total tourist arrivals in D-8 countries grew at an average annual rate of 4.7%a year.
"The private sector could reap the benefits from the growing importance of the tourism industry and the high potential of Islamic tourism by engaging in joint promotion and marketing," Anifah said.
Meanwhile, the D-8 chambers of commerce and industry secretary-general, Sayed Ali Mohammad Mousavi, said the chamber targeted US$150 billion in intra-trade volume this year.
"Currently, we registered about US$98 billion in volume and we believe the target is achievable driven by the business engagements among the eight countries based on the areas such as tourism, energy, transporation and agriculture," he said. - Bernama
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