By Kemo Kanyi
The Organization of Islamic Cooperation has enjoined its member states to actively participate in the global supply chain for economic growth and the creation of employment.
This was highlighted in the final communiqué adopted during the 15th OIC Banjul summit over the weekend. The intercontinental body aims at beginning a specific trading system between member states in the near future.
“The Conference underscored the importance of trade for economic growth and employment in the OIC Member States. It also emphasized the need for OIC Member States to participate actively in global supply chains through the development of higher value-added products and regional supply chains, seamless cross-border trade, as well as the development of Halal industry,” the communiqué noted.
“In this regard, the Conference commended the effectuation of the Trade Preferential System among the Member States of the OIC (TPS-OIC) as from 1st July 2022, and called for taking appropriate measures to effectively implement the TPS-OIC so as to realize the target of 25% of trade exchanges among OIC Member States by 2025.”
The conference further requested the member states, which have not yet completed the signing and/or ratification of the TPS-OIC Framework Agreement, Protocol on Preferential Tariff Scheme for TPS-OIC (PRETAS) and TPS-OIC Rules of Origin to do so as soon as possible.
On issues of regional and interregional transport connectivity for trade, investment, services, tourism, and other economic activities, the conferences made a call on the member states to boost intra-OIC cooperation to improve the transportation infrastructure and to promote the best transport practices.
The Islamic summit also dialogue on the creation conducive environment for tourism as its economic gains for member states is invaluable.
“The Conference underscored the great importance of developing tourism in implementing the relevant OIC economic agreements and programmes, and urged Member States to create conducive environments and deploy innovative de-risking and credit enhancement tools in order to facilitate the investment interest of private and institutional investors.”
Still on the communiqué, The Conference also urged Member States to facilitate the visa procedures for tourists. In the same vein, the Conference expressed satisfaction on the elaboration of the OIC City of Tourism Award and the Strategic Roadmap on the Development of Islamic Tourism in the MemberStates.
It called on its member states to coordinate in ongoing efforts that are striving to reform international financial architecture to enhance the effectiveness of existing financing mechanisms and develop new financing mechanisms.
