Malaysia Remains Committed To Reactivating D-8 Economic Cooperation - MITI
KUALA LUMPUR, Aug 18 (Bernama) -- Malaysia remains committed to reactivating economic cooperation with member countries of the Developing Eight (D-8) through various strategic initiatives, according to the Ministry of Investment, Trade and Industry (MITI).
The ministry said this includes the implementation of the D-8 Preferential Trade Agreement (D-8 PTA), which came into effect on Oct 1 2023, allowing Malaysian exporters to enjoy preferential tariffs in member countries’ markets. "Malaysia and Indonesia play the role of linking D-8 to ASEAN and APEC markets, while Egypt and Nigeria serve as gateways to Africa, and Iran, Pakistan, and Bangladesh to South and Central Asia," the ministry said in a written reply published on parliament’s website today.
This statement was in response to a question from Datuk Seri Dr Ahmad Samsuri Mokhtar (PN-Kemaman) regarding the government's strategic efforts to revive D-8 economic cooperation in the areas of tourism, food security, trade, and renewable energy as alternatives in facing geopolitical uncertainties.
MITI stated that the government also supports the proposal to upgrade the D-8 PTA into a D-8 Comprehensive Economic Partnership Agreement (D-8 CEPA) to expand the scope of cooperation to include trade in services, investment, and trade facilitation. “The government also supports the D-8 Roadmap 2020–2030 aspiration, which targets intra-D-8 trade to reach US$500 billion by 2030, compared to US$157.06 billion in 2024,” it added.
The ministry said other efforts include leading initiatives such as the D-8 Centre for Creative Economy and Finance (D-8 CEFC) in Kuala Lumpur and the D-8 Payment Card (D-8PC) to facilitate digital trade and promote intra-D-8 investment, as well as leveraging the Malaysia International Halal Showcase (MIHAS) to strengthen halal trade.
“We are also working closely with D-8-related bodies such as the D-8 Chamber of Commerce and Industry, the D-8 Technology Transfer and Exchange Network, and the D-8 Research Centre for Agriculture and Food Security. Among the collaborations being carried out are tourism through shared destination packages and aviation cooperation, strengthening trade in high-value agricultural commodities such as palm oil, cocoa, rice, and agro-based products, and joint investment promotion in solar energy, biomass, and clean energy technologies,” said MITI.
The D-8 was established in Istanbul, Türkiye, on June 15, 1997 as a group of developing Islamic countries to promote economic development. Its members consist of Malaysia, Egypt, Indonesia, Iran, Bangladesh, Nigeria, Pakistan, and Türkiye.
--BERNAMA