Egypt assumes leadership of D-8 Organization

Egypt assumes leadership of D-8 Organization

Egyptian President, Abdel Fattah El-Sisi, has assumed chairmanship of the Countries of the Developing-8 Organization for Economic
Cooperation (D-8).

Egypt took over the leadership from Bangladesh at the just-concluded 11th D-8 Summit held in Cairo last Thursday.

The theme of the Summit: “Investing in Youth and Supporting SMEs: Shaping
tomorrow’s Economy’’.

The summit had in attendance Presidents and Prime Ministers from D-8 Countries, including
President of Palestine, Prime Minister of Lebanon, Prime Minister of Azerbaijan, as well as Secretaries-General of Organization of Islamic Cooperation and Arab League.

The UN Secretary-General. Mr. Antonio Guterres, delivered a statement through video message.

Established in 1997, the D-8 Organization for Economic Cooperation is a coalition of eight Muslim-majority developing nations: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.

Its primary objectives are to improve member states’ positions in the global economy, diversify trade relations, promote sustainable development, and enhance participation in international decision-making.

In his opening remarks, President Abdel Fattah El-Sisi emphasized the critical role of youth empowerment and Small and Medium Enterprises (SMEs) as a driver of economic growth and sustainable development.

He underlined Egypt’s readiness to share its expertise in various sectors, including digital economy, artificial intelligence (AI), renewable energy, and agriculture, to promote cooperation, among Member States.

President El Sisi announced Egypt’s commitment to ratify the D-8 Preferential Trade Agreement (D-8 PTA), a move expected to significantly enhance intra-D-8 trade relations, amongst member countries.

In his addressing, Secretary-General of the D-8 Organization, Nigeria’s Amb. Isiaka Abdulqadir Imam, highlighted the organization’s significant progress in the key priority areas of trade, tourism, agriculture and food security.

He proposed the expansion of the PTA into a Comprehensive Economic Partnership Agreement and the establishment of D-8 Development Fund.

Imam also called for exploring the potential of the blue economy in a bid to further enhance the cooperation agenda of the member states for sustainable economic growth.

Amb. Imam reiterated the importance of youth and SME development, as cornerstones of sustainable economic growth.

During the summit, the D-8 leaders approved the application of the Republic of Azerbaijan to become a member of the D-8 organization.

As the newest member of the organization, Azerbaijan, will now move forward to complete the accession process by ratifying the D-8 Charter, as the ninth member of the D-8.

The Summit also adopted the Cairo Declaration 2024, outlining a shared vision for enhancing economic cooperation and development, amongst member countries.

It emphasized youth empowerment and
support for SMEs, as a fundamental strategy for economic growth.

Responding to the ongoing crises in Palestine and Lebanon, the Summit dedicated a special session to discuss the situation in Palestine and Lebanon.

During the session, the leaders reiterated their unequivocal support for Palestine and Lebanon.

The leaders issued a Joint Communiqué, where it explained various measures that would be taken by the D-8 countries in their support for Palestine and
Lebanon.

They condemned the brutal attacks in Gaza and Lebanon, calling for urgent international action to end the violence and alleviate human sufferings.

The Summit was proceeded by the 21st Session of the Council of Ministers of Foreign Affairs of the D-8 countries.

The Ministers discussed and approved financial and administrative matters for the D-8 organization.

They also endorsed the expansion of the organization and planned activities for 2025.

Also, the Federation of Egyptian Chambers of Commerce (FEDCOC), hosted the General Assembly of the D-8 Chamber of Commerce and Industry (D-8 CCI), on the margins of the D-8 Summit.

This significant meeting saw the official handover of the Chairmanship of the D-8 CCI from Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to the Federation of Egyptian Chambers of Commerce (FEDCOC).

This brought together leaders and representatives from the National Chambers of Commerce and Industries of the D-8 Member States.

Discussions centered on enhancing trade and investment activities within the bloc, identifying new sectors for economic cooperation, and creating a roadmap for private-sector-led growth in 2025.

The Assembly also explored innovative ways to facilitate SME’s access to international markets, as well as
foster public-private partnerships.(www.amatropics.com)