Organisation of Islamic Cooperation
The Collective Voice of The Muslim World
Date: 20/11/2013
The successful implementation of the various programmes and projects under the OIC Ten-Year Programme of Action came under focus during the 29th General Assembly of the Standing Committee for Economic and Commercial Cooperation of the OIC (COMCEC), which began its proceedings today in Istanbul, Republic of Turkey. In his opening speech before the meeting, the Secretary General of the Organization of Islamic Cooperation Prof. Ekmeleddin Ihsanoglu traced the OIC achievements in the economic domain to the priorities given to policy harmonization, resource mobilization and south-south and triangular cooperation. He stated that the creation of a dedicated funding mechanism for trade financing through the establishment of three subsidiary funding institutions of IDB has contributed to the efforts at achieving the target of 20% of intra-OIC trade. Underscoring the significance of the first-ever meeting between OIC and UN Security Council in New York, on 28 October 2013, Prof. Ihsanoglu reiterated the fact that the OIC had become a global actor for promoting peace, sustainable development and security. He also emphasized the unique role of COMCEC in facilitating the successful take-off of the OIC flagship trade facilitation mechanism: the Framework Agreement on Trade Preferential System of the OIC (TPS-OIC); its Protocol (PRETAS); and the Agreement on Rules of Origin, respectively. This is in addition to its unique contribution represented in creating necessary specialized forums for coordination and cooperation on the various thematic issues as illustrated by the establishment of OIC Member States Stock Exchanges Forum in 2005, the COMCEC Capital Market Regulatory Forum in 2011, and OIC/COMCEC Private Sector Tourism Forum in 2011, among others. The 29th General Assembly of COMCEC, which is being attended by ministerial delegations from OIC member states, was declared open by H.E. Abdullah Gul, the President of the Republic of Turkey in his capacity as the Chairman of COMCEC. The meeting will review recent developments on economic and commercial cooperation among OIC member states, with particular reference to expansion of intra-OIC trade, modalities for scaling-up agriculture, rural development and food security, and the deepening of financial cooperation in the various fields. Other items on the agenda include the exchange views on increasing FDI flows to OIC member states, enhancing the role of the Private Sector in economic cooperation as well as implementation of the OIC poverty alleviation strategies.
