Gul calls for stronger economic cooperation among oic member countries

The economic situation of Organization of the Islamic Conference (OIC) member countries was discussed, along with ways to promote their development, in Istanbul over the weekend at a meeting of the OIC's Standing Committee for Economic and Commercial Cooperation (COMCEC). In his speech to an audience of OIC member country finance and trade ministers, President Abdullah Gul, who chairs COMCEC, urged OIC member countries to act together to overcome global crises. Discussing the overall economic situation of OIC countries, Gul explained how 22 of the world's 49 most underdeveloped countries are OIC members. "One of our primary goals should be bringing down this figure and reducing the ranks of the poor in our member countries," Gul said, calling on Islamic countries to work to establish cooperation and mutual trust to reach overall development. "I believe COMCEC's cooperation programs and especially the OIC's solidarity fund will play an important role in reaching this goal." Gul said new approaches are needed to ensure public welfare around the globe as the world economy rebuilds in the aftermath of the global financial crisis, stressing that OIC member states should help their economies develop in this process. Saying that the share of trade among OIC member countries in their overall foreign trade is about 16 percent, Gul said this is a sign of stronger cooperation among OIC countries. The Protocol on the Preferential Tariff Scheme for TPS-OIC (PRETAS) will have a critical impact on promoting trade among OIC member countries, Gul said, urging that the protocol be put into effect as soon as possible. He called on member countries to sign similar agreements to promote cooperation within the bloc. Gul also stressed the necessity for cooperation among member countries' stock markets and central banks. In related news, an informal consultation meeting of heads of state of OIC member countries is set to start today at Istanbul's Ciragan Palace. Ahead of the meeting, Gul over the weekend held separate talks with his Iranian, Afghan, Syrian and Kyrgyz counterparts, in Istanbul for the meeting.