New details have emerged regarding the preferential trade agreement that recently went into effect among members of D-8 Organization for Economic Cooperation, including Iran. As ISNA reported on Monday, the PTA features 230 commodities, including food, pharmaceuticals, medical equipment, paper and construction materials among others, which will face reduced tariffs and duties henceforth. The preferential agreement took effect as of July 1 after it was agreed upon by D-8 member states in the organization’s Trade Ministers’ Council Meeting in mid-February. The member states have the option to revise the PTA list periodically based on their demands and interests. 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.
