40th OIC-COMCEC to Enhance Economic Integration Among Member Countries

40th OIC-COMCEC to Enhance Economic Integration Among Member Countries - Trade Minister

04 November 2024 Printable Version

Istanbul - The 40th ministerial session of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (OIC-COMCEC), which opened Monday in Istanbul, provides an opportunity to enhance economic integration among Islamic countries, according to Industry and Trade Minister Riad Mezzour.

The 40th OIC Standing Committee meeting comes at a time of significant developments in trade relations between Islamic countries, the minister told MAP.

He pointed out that the world undergoes major transformations and challenges with the emergence of new protectionist regimes, which implies tighter solidarity between Islamic countries, strengthening their economic and commercial integration, and protecting their investments.

Mezzour explained that COMCEC is currently addressing several projects and conventions as part of of its 2016-2025 action program, namely in areas of dispute settlement and harmonization of norms and standards, which will undoubtedly contribute to strengthening trade between OIC member countries.

Opened by Turkey’s President, Recep Tayyip Erdogan, and OIC’s Secretary-General, Houssine Ibrahim Taha, the 40th COMCEC session will take stock of progress on the OIC's 2016-2025 Action Program before delving into issues related to the impact of global economic developments on member countries, intra-OIC trade and strengthening the role of the private sector in economic cooperation.