Pakistan calls upon D-8 countries to make headway to finalize PTA

Eurasia News

ISLAMABAD: The advisor to the prime minster on foreign affair and national security Sartaj Aziz on Thursday called upon D-8 countries to make headway to finalize Preferential Trade Agreement (PTA) as it will help boost economic and trade ties among the member countries.

In his address to the 16th Session of D-8 Council of Ministers in Islamabad on Thursday, Sartaj Aziz noted that greater interaction between private sector of the member countries and political will can help us achieve the intra D-8 trade target of $500 billion by the year 2018.

The advisor said that Pakistan intends to expand its trade relations with the member countries.

Referring to the investment opportunities‚ Aziz urged the investors of D-8 countries to consider Pakistan for investment especially in the sectors of energy and agriculture.

Earlier, the 16th Session of D-8 Council of Ministers began in Islamabad on Thursday to adopt the proposals to strengthen the D-8 organization by implementing its key agreements‚ particularly the PTA‚ and to enhance the role of private sector in intra-D-8 cooperation.

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 $500 billion by 2018.