JEDDAH: Regional groupings are building blocks for a pan-Islamic economic integration, according to Prof. Ekmeleddin Ihsanoglu, Secretary General of the Organization of Islamic Conference (OIC). Addressing the 26th Session of the Standing Committee for Economic and Commercial Cooperation of the OIC (COMCEC) in Istanbul, Ihsanoglu urged OIC member states to consider supporting the numerous capacity-building programs undertaken by the various OIC institutions to pave the way for aligning national trade policies to enhance intra-OIC cooperation in the domain of trade. The OIC secretary general stressed that the increased activities of the relevant OIC trade organs – the Islamic Center for the Development of Trade (ICDT) and the International Islamic Trade Financing Corporation (ITFC) – have contributed to the improvement of intra-OIC trade from $271.45 billion in 2004 to $551 billion in 2008 – or 14.5 percent in 2004 to 16.6 percent in 2009. He said there is a need to increase competitiveness in OIC countries which is closely related to the new focus on fostering cooperation in the agricultural and food sector. He cited the example of the OIC Cotton Action Plan which has succeeded in reviewing and approving sixteen projects that have been submitted for further action at the level of relevant funding institutions. He emphasized the need for OIC member states to venture into food security and agricultural development programs since 41 out of the 57 member states of OIC are considered to be food deficit countries. He said these countries receive food aid averaging about 11 percent of the Official Development Assistance to developing countries, even as they continue to require an estimated annual amount of $24.5 billion to make up for their food deficits. According to information made available to Saudi Gazette on Thursday, the secretary general also stressed the need to involve the private sector, national specialized agencies, and other regional actors in the elaboration, execution and monitoring processes of the envisaged development projects. The source said that the meeting discussed the implementation of the OIC Ten Year Program of Action, which was approved at the 3rd Extraordinary OIC Summit held in Makkah in 2005, within the context of the on-going economic activities, programs and projects for promoting rapid socio-economic development in the OIC countries. It also reviewed progress made in the operation of the OIC Trade Preferential System (TPS-OIC) after the enforcement of the Protocol on Preferential Tariff scheme for TPS-OIC (PRETAS) on Feb. 5, 2010, in addition to the Framework Agreement on Trade Preferential System, which is already operational. The imminent enforcement of the Agreement on Rules of Origin (TPS-OIC RoO), as soon as remaining ratification is secured, will herald the start of this special trade facilitation regime among OIC countries. The implementation of various poverty alleviation programs focused on the activities under the Islamic Solidarity Fund for Development (ISFD) and the Special Program for Development of Africa (SPDA).
