OIC strives to achieve 25% intra-OIC trade by 2025: official

Jeddah: The Secretary General of the Organization of Islamic Cooperation (OIC), Hissein Brahim Taha, underlined that the Organization has set itself the target of achieving 25% intra-OIC trade among member states during the next three years by 2025. He added that the amount recorded for trade finance, business insurance operations and support for private sector activities has reached a cumulative amount of US$140 billion since inception. International Islamic Trade Finance Corporation (ITFC), Islamic Investment and Export Credit Insurance Corporation (ICIEC) and Islamic Corporation for Private Sector Development (ICD).

This was revealed in a statement of the Secretary-General, delivered on his behalf by the Under-Secretary-General for Economic Affairs, Dr. Ahmad Kawesa Sengendo, during the opening ceremony of the 17th OIC Trade Fair, held in Dakar, Republic of Senegal, June 13. 2022.

“It is my hope and prayer that this trade fair will effectively contribute to increasing intra-OIC trade from 18% in 2021 to 25% by 2025,” the OIC Secretary General said.

“I urge all our trade promotion agencies to continue collaborating with the entire OIC family towards achieving this achievable goal,” he added.

The Secretary General noted that the organization of the biennial general trade fair and the regular holding of specialized trade fairs represent an important instrument for the promotion of trade and services among the OIC Member States, adding that it becomes even more important given the disruptions to trade caused by the COVID 19 pandemic and the global food crises caused by a cocktail of challenges.

Hissein Brahim Taha also pointed out that the tourism sector represents effective and inclusive cooperation in the significant expansion of intra-OIC trade. In this context, he called on all Member States to actively participate in the upcoming 11th Islamic Conference of Tourism Ministers (ICTM) to be held in Baku, Azerbaijan from 27-29 June 2022.

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