Egypt revealed an ambitious strategy to raise intra-trade among the members of the developing world (D-8) to $500 billion by 2030.
The program was presented by the Minister of Investment and Later Trade Cassan El-Khatib during the fourth session of the Council of Ministers of the D-8 of the Cairo. The meeting was attended by trade ministers, the general secretary of the D-8 and high level delegates from member countries.
El-Khatib confirmed Egypt’s commitment to completing the procedures for the ratification of the special trade agreement between the D-8 members. He said Egypt will inform the Secretary of the Organization when the process is completed.
Egypt drives a strong system of D-8 ties
According to the Minister, the agreement is designed to work as an active and effective platform for economic cooperation by fully utilizing its provision, implementing a strategy for providing for repairs and enforcing a binding program with important actions. He also added that Egypt is also working to work with the Financial Disputes Committee.
The minister called for the introduction of a working group to work on economic cooperation to increase the size of cooperation and to identify priorities that can help the progress of development in the direction of the 2030 goal. He said global shifts in trade patterns and supply chains require flexible policies in the D-8 countries to strengthen trade integration and support sustainable growth.
In his words, El-Khatib said hosting the meeting shows Egypt’s commitment to economic cooperation and trade between member countries. He commended the diversity of the 8 nations in terms of culture, heritage and natural resources, noting that the potential to combine opportunities to increase trade and investment and improve living standards. Intra-D-8 trade reached about $150 billion by 2024, he said, adding that the group should work together to unlock other potentials.
El-Khatib explained Egypt’s priorities for the Presidency of the League. These include institutional frameworks that strengthen institutions, improve investment flows, encourage innovation, support sustainable development and improve infrastructure. He said that Egypt will focus on the exchange of energy and knowledge.
The minister stressed the importance of supporting small and medium enterprises, empowering young people and the priority development of food security. Planned projects include a Regional Seed Bank and research into the creation of a strategic storage facility for key commodities.
He added that increased cooperation will require more trading platforms and business transfers to encourage private sector involvement and open up new investment opportunities.
El-Khatib concluded by affirming Egypt’s commitment to joint actions within the D-8 and praised the organization’s contribution to strengthening economic and commercial ties in all international countries.
