PTA within D8 envisaged

Countries in the vast bloc D8 plan to implement preferential trade agreement (PTA) by next year, in their effort to weather raging global economic wrangles.
The latest thinking on expansion of intra-grouping trade was disclosed by Bangladesh Foreign Minister Dr AK Abdul Momen Sunday at a briefing on the upcoming D8 foreign ministers' conference in Dhaka.
He said apart from trade and food security, the ongoing energy crisis will be focused at the ministerial meet-taking place at a crucial time marked by war and sanctions around the world hub for gains and fuels.
Prime Minister Sheikh Hasina would inaugurate the meeting on July 27.
The foreign minister says Bangladesh aims to expand its trade with the D8 countries-encompassing an important economic corridor from Asia through the oil-rich Middle East to Central Asia and Africa.
Bangladesh's trade with the D8 nations increased to $10 billion, through a modest growth so far.
He also mentioned that the trade within the eight countries grew up to 130 billion US dollars from only USD14 billion in the last 24 years.
Responding to a question he said, "As the world is facing severe energy crisis, the upcoming meeting will devise ways and means to mitigate the crisis."
Enhancing connectivity among the D8 countries will be another focus for Bangladesh.
The minister informed that during his recent visit to Malaysia and Indonesia, he had meetings with the foreign ministers of those countries where enhancing transportation and communications network was emphasised.
Malaysia offered to increase the frequency of the flights between Kuala Lumpur and Dhaka and Bangladesh agreed to the proposal in principle.
Similarly, the Indonesian government also proposed to start flight operation between Dhaka and Jakarta.
"The officials concerned are working on the possibility of these proposals," the minister told the press.
The foreign minister also informed that the eight countries in the grouping would send their representatives to the meeting. Iran will send its foreign minister, and other countries will send either state ministers or deputy ministers to the conference.
Bolstering food security will also be widely discussed at the meeting as, after the outbreak of the Ukraine war, there has been an apprehension of a prolonged food crisis in the world.
The meeting will also discuss a proposal to include Azerbaijan in the grouping.
The D-8 Organisation for Economic Cooperation, also known as Developing-8, is devoted to development cooperation among the member-countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.
The objectives of D-8 Organization for Economic Cooperation are to improve member-states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living.
The D-8 is a global arrangement rather than a regional one, as the composition of its members reflects. It's a forum with no adverse impact on bilateral and multilateral commitments of the member-countries, emanating from their membership to other international or regional organizations

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