16th session of D-8 council of ministers begins in Islamabad

Eurasia News

ISLAMABAD: The 16th Session of D-8 Council of Ministers began in Islamabad on Thursday, during which the minister would adopt the proposals to strengthen the D-8 organization by implementing its key agreements‚ particularly the Preferential Trade Agreement‚ and to enhance the role of private sector in intra-D-8 cooperation.

The advisor to the prime minster on foreign affair and national security Sartaj Aziz was chairing the meeting, while foreign ministers from Iran and Turkey‚ Deputy Foreign Minister of Indonesia‚ special advisor to the Turkish Prime Minister and senior officials from other member states were attending the meeting.

The meeting of D-8 Organization for Economic Cooperation is taking place in Islamabad at a time when the government is pushing ahead with its economic reforms agenda that envisages increased business and commercial linkages with other countries.

The Foreign Ministers of D-8 countries will hold bilateral meetings with the advisor to the prime minster on foreign affair and national security Sartaj Aziz.

The Developing 8 (D-8 or Developing Eight) was officially founded on June 15, 1997, for the promotion of cooperation on development. The organization consists of Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan and Turkey.

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

The group, with a population of one billion people, has a combined market value of one trillion dollars. The alliance is determined to boost its trade volume to USD 500 billion by 2018.