From Kisho Kumari Sucedaram
ISTANBUL, Nov 5 (Bernama) — The Organisation of Islamic Cooperation (OIC) member countries have been urged to adopt green technologies, environmentally friendly products and sustainable practices to boost their exports, given that sustainability is the new trend in global markets.
According to a booklet published in conjunction with the 40th Anniversary of the Standing Committee for Economic and Commercial Cooperation of the OIC (COMCEC), establishing green certification standards and sharing best practices in sustainable production within OIC countries would be possible through collaborations.
It highlighted that countries like Morocco and Malaysia have taken steps towards promoting sustainable agriculture and renewable energy exports.
“These efforts not only enhance export capacity but also position OIC member countries as responsible players in the global market, catering to the increasing demand for green products,” it said.
It also noted that many countries are aligning their export strategies with global trends towards green and sustainable trade practices.
“This involves adopting environmentally friendly production methods, reducing carbon footprints, and meeting international environmental standards,” it said.
It noted that the rise of services and digital trade, the growing importance of sustainability, and shifting geopolitical landscapes are the main drivers of global trade.
As such, OIC member states should look into digital and green economy requirements, diversify their export products, and enhance their multilateral cooperation.
“This way, OIC economies would prosper in an increasingly interconnected and dynamic world economy,” it said.
Held in Istanbul, Turkiye from Nov 2-5, the COMCEC was attended by the Communications Minister Fahmi Fadzil, who also gave a statement on behalf of the Asian Group of OIC member states.
This is the first time in 40 years that a Malaysian minister has attended COMCEC, the last being Tengku Razaleigh Hamzah in 1984.
According to a report by the OIC, Malaysia ranked third among the top 10 OIC countries in terms of merchandise and services exports in 2022, with merchandise exports totalling US$352.33 million and US$31.89 million for services exports.
From January to September 2024 (9M2024), Malaysia’s total trade with OIC member states increased by 9.1 per cent year-on-year (y-o-y) to RM242.45 billion from RM222.29 billion in 9M2023.
Its total exports to OIC member states increased by 8.5 per cent y-o-y to RM111.89 billion during the same period, while total imports increased by 9.5 per cent to RM130.56 billion.
— BERNAMA
