The international meeting of Organization of the Islamic Conference (OIC), during which member states reviewed the establishment of a "Preferential Trade System" among Muslim countries, ended in capital Ankara on Thursday.
During the two-day meeting, twenty-one member states decided to primarily complete their internal preparation processes for the implementation of the system.
OIC member states will then inform OIC's Standing Committee for Economic and Commercial Cooperation (COMCEC) on whether or not they will proceed to the new system.
The "Preferential Trade System" envisages a transition to a three-step tax reduction system among Muslim countries.
In order for the "Preferential Trade System" to be launched, it should be approved by at least 10 member states, officials said.
Last Mod: 19 Haziran 2008, 17:09