Economic Situation and Trade Potential Discussed at the Meeting
At the meeting, the information provided by AS Holding Board Chairman Murat Doğanay about the organization’s economic structure and current figures drew attention. Doğanay stated that increasing trade between D-8 countries is their primary goal and said, “The trade volume that will enable our countries, each of which is a member of the Organization of Islamic Cooperation, should be increased as an example. When we Considering that the trade between us is around 100 billion dollars, we see that this figure is very low compared to the economic size of the D-8 countries. Our goal should be to increase the trade between us to 500 billion dollars and to reduce this rate at least 10 percent.” Emphasizing that the barter system is an effective method, Doğanay stated that barter trade is not only a shopping system, but also a mechanism.
Economic Power and Trade Figures of D-8 Countries
Minister of Trade Mustafa Tuzcu stated that D-8 is not only a commercial organization but also a platform where Islamic countries combine their economic potential and join forces. Tuzcu stated that the economic size of D-8 countries is approximately 5 trillion dollars and the trade volume is close to 2.5 trillion dollars, and said, “When we look at exports other than natural gas and oil, D-8 countries carry out approximately “90 percent of the Islamic countries’ exports.”
D-8’s Place in the Global Economy
D-8 Secretary General Ambassador Isiaka Abdulkadir Imam stated that D-8 constitutes approximately 14 percent of the world’s population and is home to 1.3 billion people. The Imam stated that the total GDP of member countries in 2022 is approximately $4.8 trillion, accounting for approximately 5 percent of global GDP, and that D-8 represents approximately 4 percent of global trade volume.
Trade Opportunities with the New Exchange System
Secretary of the Bangladesh Ministry of Commerce Ayşe Akhter made statements about the new generation clearing system, which they believe will create new trade opportunities among the D-8 countries. Emphasizing the importance of the meeting, Akhter stated that she believes that this renewed clearing system will improve trade relations between member states.
