Economy, Domestic Economy

D-8 Trade Deal Goes Into Effect

D-8 Trade Deal Goes Into EffectD-8 Trade Deal Goes Into Effect

A preferential trade agreement signed by the member states of the D-8 Organization for Economic Cooperation has officially taken effect as of July 1. The PTA was agreed upon in a D-8 Trade Ministers’ Council Meeting in mid-February, IRNA reported on Sunday. The agreement is aimed at encouraging D-8 member state businesses to ramp up trade and economic activities, according to Pakistan’s Commerce Minister Khurram Dastgir Khan who currently chairs the Trade Ministers’ Council. The D-8 Organization for Economic Cooperation, also known as Developing-8, is an organization for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.  Its objectives 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 standards of living.