ISLAMABAD: In a major breakthrough, Egypt is set to ratify the Preferential Trade Agreement (D-8 PTA) among Developing-8 (D-8) Member States, marking a significant milestone as all D-8 countries will now be contracting members of the agreement, sources informed NewzShewz.
The 11th Summit of the D-8, also known as Developing-8, an organization for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey, will be held in Cairo, Egypt, on December 19, 2024. Prime Minister Shehbaz Sharif will represent Pakistan at the Summit.
The Summit will emphasize the importance of effectively implementing and operationalizing the D-8 PTA by all contracting members, including organizing capacity-building programs for relevant officials. It will also commend that five contracting members have completed their internal procedures for the D-8 PTA, and encourage those who are ready to begin trading under the PTA framework without delay. The goal is to achieve a collective trade value of at least 10% of D-8’s total external trade value, or at least $500 billion, by 2030, as outlined in the D-8 Decennial Roadmap (2020-2030).
The Summit will celebrate the adoption of the Dispute Settlement Mechanism (DSM) Protocol for the D-8 PTA, which was agreed upon during the third Trade Ministers’ Council (TMC) meeting in Dhaka on March 5, 2024, and its subsequent signing by Bangladesh, Indonesia, Iran, and Turkey at the informal TMC in Istanbul. It will also encourage the D-8 Trade Ministers’ Council to expedite the entry into force of the Protocol as smoothly and straightforwardly as possible.
The Summit will support the proposal to expand the D-8 PTA’s offer list to include a wider range of significantly traded products among the member states, making it more attractive to businesses. Additionally, discussions will center around upgrading the D-8 PTA to a more advanced agreement, such as a comprehensive economic partnership agreement. This will help D-8 become a more dynamic, competitive, and impactful economic bloc, potentially including trade in services in the next phase of cooperation. The D-8 Trade Ministers’ Council will be tasked with conducting a study to explore the expansion of the D-8 PTA.
The Summit will also commend the adoption of the D-8 Trade Facilitation Strategy during the Third Meeting of the D-8 Trade Ministers’ Council. This strategy aims to enhance intra-D-8 trade by streamlining trade measures and customs procedures among member states.
Furthermore, the Summit will encourage the D-8 Council of Foreign Ministers to explore ways to facilitate the easier movement of businesspeople among member states. This includes simplifying visa procedures and conducting comparative studies with organizations like the Asia-Pacific Economic Cooperation (APEC) to develop specific measures for facilitating business mobility.
The Summit will underscore the importance of enhancing agricultural productivity, improving food security, and fostering rural development through joint initiatives, agricultural innovation, and the adoption of modern farming technologies. It will reaffirm the commitment to strengthening agricultural trade and food supply chains, while emphasizing the need to increase resilience to external shocks, such as climate change, pandemics, and geopolitical disruptions.
The Summit will also acknowledge the inauguration and immediate operationalization of the D-8 Research Center for Agriculture and Food Security (D-8 RCAFS) in Faisalabad, Pakistan. It will commend the center for its collaborative efforts and urge effective implementation of its activities.
The need to enhance cooperation in the energy sector will be another key topic of the Summit, including the promotion of energy-efficient technologies, renewable energy, and fostering private sector investment in these sectors to support energy transition goals.
In the transportation sector, the Summit will commend efforts to conclude the proposed D-8 Multilateral Air Services Agreement (MASA) and appreciate Indonesia and Turkey for hosting meetings to discuss civil aviation cooperation. It will look forward to the First Ministerial Meeting on Maritime Connectivity in 2025, to be hosted by Indonesia.
The Summit will reject unilateral, punitive, and discriminatory protectionist measures, including carbon border adjustment mechanisms (CBAMs) and other trade barriers based on environmental concerns, and reaffirm its full support for COP28’s call to avoid such measures. It will also oppose actions that disrupt global supply and production chains and distort competition.
The importance of an ocean-based economy will be highlighted, with discussions on cooperation in fisheries, aquaculture, renewable ocean energy, seaports, marine biotechnology, offshore hydrocarbons, seabed minerals, and deep-sea mining. The Summit will encourage public-private partnerships to attract investment in this sector.
The D-8 Technology Transfer and Exchange Network (D-8 TTEN) will also be commended for its efforts in promoting innovation and collaboration among member states. The Summit will recognize the impact of initiatives like the D-8 AI initiative and the D-8 Co-Fund Initiative (D-8 CoFI), which aim to strengthen technological advancement and investment within the D-8 community.
The Summit will encourage the D-8 Secretariat to continue promoting private sector initiatives such as the D-8 Payment Card, the D-8 Creative Economy and Financial Center, and the D-8 New Generation Barter Trading system. It will urge member states’ ministries and agencies to collaborate closely with the Secretariat to assess the feasibility of these initiatives.
The proposal to establish a D-8 Development Fund will be welcomed, with the D-8 Council of Foreign Ministers tasked with continuing work on this proposal in coordination with relevant ministries, agencies, and international financial institutions.
Finally, the Summit will endorse the nomination of the upcoming Secretary General of the D-8, who will be an Ambassador from Pakistan, assuming office on January 1, 2026.
Ends
