D-8 for market access to developed economies for poverty alleviation

8 July 2010, 18:00 PM

Unb, Abuja

The Seventh D-8 Summit ended yesterday adopting a 24-point Abuja Declaration with emphasis on market access to major world economies for poverty alleviation and economic uplift. The declaration called upon the private sectors to take advantage of liberal investment regimes, skilled manpower and low cost of doing business in the D-8 member countries to expand trade and economic ties. It reaffirmed the importance of intense private sector involvement in all activities of the group and emphasised on exploring ways of promoting private sector led cooperation and growth among the member states. The declaration reaffirmed resolve of the member states to take immediate measures to encourage foreign direct investment (FDI) in the private sectors and stressed on establishment of a D-8 investment fund proposed by Iran. The next D-8 summit will be held in Pakistan in 2012, according to the Declaration adopted at the concluding session of the one-day summit. Prime Minister Sheikh Hasina, Iranian President Dr Mahmoud Ahmadinejad, Turkish President Abdullah Gul, host Nigerian President Goodluck Jonathan, Egyptian Prime Minister Dr Ahmed Nazif, Malaysian Deputy Prime Minister Tan Sri Muhyiddin Mohd Yassin, Indonesian Minister for Coordination M Hatta Rajasa and Pakistani Commerce Minister Makhdoom Mohammad Amin Fahim led their respective countries at the summit. According to the declaration, the D-8 members agreed to encourage regular interaction and sharing of information on investment opportunities with the help of private sector and chambers of commerce to create greater awareness for availing these opportunities. The D-8 secretariat should develop a business forum webpage on its website to facilitate and engage private sector involvement in D-8 activities and programs. Acknowledging the instrumental role of energy in economic growth and development, the declaration reaffirmed the commitment to broaden cooperation in the sector. It stressed the importance of collaborative efforts on capacity building, transfer of technology, exploration of new energy sources, development of alternative fuels, including renewable sources of energy as well as peaceful uses of nuclear energy. Taking into account the far-reaching consequence of global financial and economic crisis, the D-8 leaders agreed to scale up cooperation and coordination efforts in relevant international forums to promote common interest within the existing multilateral frameworks. “We would like to see a meaningful and fair conclusion and negotiations of the Doha development agenda of the World Trade Organisation,” the declaration said. The leaders reiterated their resolve to enhance cooperation to exchange experiences concerning protection and promotion of the rights of migrant workers, both within the context of D-8 and in other regional and global processes including in the Global Forum on Migration and Development. Welcoming the ratification of 'Agreement on Simplification of Visa Procedures for the Businessmen of the D-8 member states', the declaration said the agreement would give further momentum to increase and diversify intra D-8 trade. It urged the member countries to expedite ratification and operationalization of D-8 Preferential Trade Agreement (PTA) and multilateral agreement among D-8 member countries on administrative assistance in customs matters. The declaration endorsed the reports of 12th and 13th sessions of D-8 council of ministers and welcomed the prioritization of activities of D-8 roadmap in the areas of trade, agriculture and food security, industrial cooperation, small and medium enterprise, transportation and energy and minerals. Recognising the important role that Islamic banking and finance can contribute to enhancing trade and investment in D-8 countries, it urged the member states to foster greater understanding and cooperation in this field. The declaration welcomed the proposal of the 12th session of the council of ministers to enhance greater socio-culture context through training programmes for young diplomats from member countries. The D-8 leaders approved the 'Kuala Lumpur Initiative to address food security in D-8 countries'. The D-8 member countries endorsed the 'Tehran Declaration on Industrial Cooperation' and underscored the immediate implementation of the provisions of the declaration. The Abuja Declaration welcomed the outcome of the first D-8 ministerial meeting on marine, fisheries and fertilizers held in Egyptian capital Cairo in April this year. It underscored the need for exploring new ways of broadening and strengthening cooperation in the health sector among the D-8 members. The leaders reaffirmed that D-8 can contribute regionally and globally to guide collective action towards the achievement of the millennium development goals. The D-8 leaders expressed appreciation to the Nigerian government, its president and the people for hosting the seventh D-8 summit.