5 OIC members sign trade agreement in Ankara

Five Organization of Islamic Conference (OIC) member countries signed an agreement in Ankara on Wednesday to boost trade within OIC.

5 OIC members sign trade agreement in Ankara
Five Organization of Islamic Conference (OIC) member countries, Jordan, Tunisia, United Arab Emirates, Guinea, and Turkey signed an agreement in Ankara on Wednesday to boost trade within OIC.

Other OIC-member countries will sign the agreement until November after completing necessary amendments in their laws and regulations.

"TPS-OIC Agreement on Origin of Rules" was signed after the OIC's Fourth Meeting of Second Round Talks of Commercial Negotiation Committee for Trade Preferential System (TPS).

Turkish State Minister Kursad Tuzmen said at the signing ceremony that Islamic countries have integrated economically for the first time and this agreement opens the way for a large-scale economic integration.

Reminding that trade ministers of OIC-member countries agreed last year in Istanbul meeting to enforce trade preferential system at the beginning of 2009, Tuzmen said they have achieved this goal earlier than expected and completed legal infrastructure.

"Implementation of trade preferential system will open the way for a large-scale integration by liberalizing trade, investment and capital movements among Islamic countries," Tuzmen said.

Noting that 27 OIC-member countries have an average of 1,000 USD of national income per capita, Tuzmen said, "poverty and underdevelopment, are these Islamic countries' fate? Considering high potential that we have, it should not be our destiny."

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Last Mod: 12 Eylül 2007, 19:03
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