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Tuesday, June 25, 2013

Nigeria, D-8 countries target $500bn trade by 2018

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Nigeria, D-8 countries target $500bn trade by 2018
Jun 25th 2013, 23:04

The Developing Countries Organisation for Economic Cooperation has unveiled plans to improve the volume of trade among member countries within the next five years to $500bn.

The D-8 Secretary General, Dr. Seyed Mousavi, said this on Monday in Abuja during the first Trade Ministers' Council meeting.

The meeting, which was convened to discuss the Preferential Trade Agreement, was attended by trade ministers from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

Nigeria's Minister of Industry, Trade and Investment, Mr. Olusegun Aganga; his counterpart in the Ministry of Foreign Affairs, Ambassador Olugbenga Ashiru; and the Permanent Secretary, FMITI, Dr. Dauda Kigbu, were also in attendance at the meeting.

The group has the objective of improving 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.

Speaking at the meeting, Mousavi said the need to improve the trade level to $500bn by 2018 was imperative as statistics had shown that the current $148bn intra-trade value among member countries showed that the group was lagging behind the trade target in its roadmap.

He said, "Taking into account current figure of D-8 intra-trade in 2012, which is around $150bn, we are now in the lagging position towards the trade target in D-8 roadmap, particularly in the second phase, which was expected to reach $170bn in 2012.

"One of the core objectives of the D-8 roadmap is to increase the intra-trade of D-8 countries at least to 15 per cent to 20 per cent of their total trade in the world by the end of 2018, which means we must increase intra-trade from almost $148bn in 2012 to about $500bn in 2018."

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