Economy, Domestic Economy

D-8 Trade Potential Put at $150b

D-8 Trade Potential Put at $150bD-8 Trade Potential Put at $150b

Trade between the commerce chambers of the Developing-8 member states has the potential to rise from the current $98 billion a year to $150 billion, said the Iranian secretary-general of the organization at the first D-8 Chamber of Commerce and Industry Conference in Kuala Lumpur.

Ali Mohammad Mousavi, who took the helm of the organization in January 2014 and has visited Malaysia three times since then, called for further cooperation between the private sectors of the member countries, namely Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey, IRNA reported.

Economic development, creation of job opportunities, improvement of technology and innovation were the topics discussed in the two-day event which wrapped up Wednesday.

Also, to enhance cooperation, the participating D-8 chambers called for the removal of customs and tariff barriers among the member states.

The objectives of D-8 Organization for Economic Cooperation are to improve member states’ position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and improve living standards.