BD to ratify D-8 convention to increase economic co-op

Munima Sultana | Published: October 11, 2016 00:00:00 | Updated: February 01, 2018 00:00:00

Bangladesh has decided to ratify the Development-8Â convention to get scope for increasing economic cooperation in different sectors among eight developing countries.
The decision came from an inter-ministerial meeting held at the Ministry of Foreign Affairs on Thursday.
Sources said the meeting was convened following a decision at a cabinet meeting to take opinions of the ministries concerned and agencies as well as chamber leaders as the country had already signed the D-8 convention in 2012.
Representatives from the commerce, finance, agriculture, home, water resources, planning, science and technology, civil aviation, energy and mineral resources, textile and jute, education, health, road transport and bridges, food, environment and fisheries ministries attended the meeting.
There were also present representatives from Federation of Bangladesh Chambers of Commerce and Industry, Dhaka Chamber of Commerce and Industry, Metropolitan Chamber of Commerce and Industry, Dhaka, Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Knitwear Manufacturers and Exporters Association.
Prime Minister Sheikh Hasina signed Istanbul Declaration during the first D-8 Summit on June 15, 1997 for creating scope for economic cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
On the Prime Minister's behalf, her International Affairs Adviser Dr Gowher Rizvi signed the D-8 agreement during the 8th D-8 Summit held in Pakistan in 2012.
The development forum is now under the process of ratification as Egypt, Pakistan and Iran have so far ratified it.
To make D-8 effective, ratification of at least five member states is necessary.
Sources said since 2001, Bangladesh has been paying membership fees and the Ministry of Foreign Affairs has already got vetting of the Ministry of Law, Justice and Parliamentary Affairs.
As the inter-ministerial meeting gave consent on ratifying the convention, they said, it will now be sent to the cabinet for approval.
"We have to complete the process before the 9th summit," said an official who attended the meeting.
Establishment of D-8 was officially announced through the Istanbul Declaration of Summit of Heads of State/Government with the objectives of improving member states' position in the global economy, diversifying and creating new opportunities in trade relations, enhancing participation in decision-making at the international level and improving standards of living.
D-8 is a global arrangement rather than a regional one, as the composition of its members reflects.
Organization for Economic Cooperation (D-8) is a forum with no adverse impact on bilateral and multi-lateral commitments of the member countries, emanating from their membership to other international or regional organisations.
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