Qatar's Minister of Economy Calls for Establishing Joint Islamic Market

Istanbul, November 22 (QNA) - HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani called Wednesday for studying practical steps towards establishing a joint Islamic market, based on a free-trade zone between Islamic countries. The zone can be established by removing customs and red tape gradually, similar to the Arab free-trade zone and the Arab Customs Union project. Speaking during the Standing Committee on Economic and Commercial Cooperation (COMCEC), His Excellency said that the meeting was taking place at a time of geopolitical risk and regional developments that requires Islamic countries to unite and enhance trade and investment ties. Speaking on behalf of the Arab group, HE the Minister conveyed the greetings of HH the Emir Sheikh Tamim bin Hamad Al-Thani to HE President of the Republic of Turkey Recep Tayyip Erdogan. HE the Minister praised the efforts of the Republic of Turkey in advancing joint Islamic work and carrying out COMCEC's new strategy. His Excellency said that presidency of HE Erdogan to the committee is a good opportunity for it to undertake important initiatives that advances joint trade and increase it to 25 percent of foreign trade by 2025. His Excellency stressed that the most important element of sustainable development is political and social stability. HE the minister condemned Israeli aggression on people residing in occupied Palestine and called for implementing resolutions from the UN related to liberating all occupied Arab lands and establishing a Palestinian state with Al Quds as its capital. HE the minister added that the key to prosperity was political stability and resolving crises peacefully. His Excellency called on supporting Islamic countries that were going through difficult times, to help them regain stability and end poverty. HE the minister said that Arab countries undertook recommendations of COMCEC regarding trade and opening the door for joint investments between Islamic countries. His Excellency also stressed on the speed of economic transformations internationally, which lean towards free markets. His Excellency said that such a transformation requires the formation of new economic unions that can protect the interests of its members, as well as defend the Islamic culture. The meeting discussed international economic developments, focusing specifically on members of the Organization of Islamic Cooperation. Ankara center also presented its annual report regarding the topic, allowing the members to exchange views on it and review how it handled those developments. The meeting then moved to discuss trade between members of the organization and the potential for holding trade exhibitions for Islamic countries as well as financing trade. They also discussed COMCEC's projects for enhancing trade. Head of the delegations also discussed the role the private sector can play in improving economic cooperation between members. They discussed a report by the Islamic chamber for commerce, industry and agriculture on the topic. COMCEC was formed in 1981 and is considered the main platform for economic and commerce-related cooperation in the Islamic world. The organization defines its scope of cooperation by trade, transport, agriculture, tourism, poverty alleviation, and financial as well as private sector cooperation. (QNA)