D-8 countries call rich to give priority to poorer
Regional, Politics, 2/22/2001

The Middle East News Agency learnt on Wednesday that the draft Cairo declaration of the eight developing Muslim countries summit, to open on Sunday, will call on the developed countries to give the utmost priority for the developing nations.

The D-8 countries are Egypt, Turkey, Iran, Pakistan, Indonesia, Nigeria, Bangladesh and Malaysia.

The draft declaration will also urge the advanced countries to respect their commitments, on allocating from 0.7 per cent to 2 per cent of their gross national product to the developing countries. The D-8 (the eight developing Muslim countries summit, known as D-8 ) countries voiced concern over foreign debts, which pose a main obstacle to the development in the developing countries.

The D-8 member states called on the partners in the development to take new measures to reduce the debt burdens for expediting the liberalization of resources for development.

The Middle East News Agency (MENA) has also learnt that the Cairo Draft Declaration will express concern as regards the slowdown seen in the growth of the world economy, which leads to a negative impact on the efforts of developing countries to overcome their economic difficulties.

The D-8 member states will indicate that the slowdown in the world economy will weaken the ability of the international economy to continue efforts, both in terms of force and peace, necessary to deal with the financial and economic crises that may erupt in the future.

The Draft Declaration, to be issued by the D-8 third summit in Cairo, will refer to the need of developing countries to realize social justice, lure more investments, and ensure a larger share for their products in the world market.

The Draft Declaration will reflect the conviction of member states that the regional cooperation of developing countries through exchanging technical expertise and resources is a vital issue to confront the challenges of globalization.

On the international financial system reform, the Draft Declaration will call for realizing such reform as a necessity to adjust a stable environment for the inflow of investments to the developing countries and controlling short-run rapidly moving capital.

On financing development-related projects, the Draft Declaration welcomes holding an international governmental meeting on that score by 2002 to give an opportunity for discussing structural issues related to financing projects, alleviating the burdens of debts, and giving trade advantages presented to developing countries.

The Draft Declaration refers to the necessity that developing and developed countries comply with a fair, open-ended, multilateral trade system governed by fixed rules in a bid to regain confidence in the trade order.

The delegation of Turkey stressed that it was the private sector that should bear responsibility for trade promotion and activities, thus assuming an indispensable role in establishing and managing the IMTC.

The Nigerian delegate agreed to the commitments made by the Indonesian delegates suggested that Egypt might send out invitations to the central banks of the group to convene a meeting on the sidelines of the coming IMF meetings.

They added that the Central Bank of the group were required to cooperate in the field of banking regulations with a view that such cooperation should contribute to the facilitation and promotion of inter-trade between member-states of the group.

The Egyptian delegation indicated that agreements on promotion and protection of investments were ratified with Turkey and Malaysia.

The Iranian delegates stated that they have ratified an agreement on the promotion and protection of investment with Pakistan, and that negotiations were under way with Bangladesh and Indonesia on that score.

MENA learnt that the D-8 member-states will call upon rich countries to fully implement the Uruguay round agreements and avoid using disguised forms of protectionism.

The Draft Declaration reaffirms the importance of the private sector and international research centers roles in easing the transport of financial resources and technical knowledge.

It also stresses the importance of inter-D- 8 trades with an aim to double the current trade volume within the coming five years.

The Draft Declaration will pay tribute to Egypt's efforts to set up an International Trade and Marketing Company (ITMC).

It will also congratulate the Turkish authority for air industries on technological database on the Internet.

The Draft Declaration also welcomes a project suggesting cooperation frameworks between the insurance companies of the member-sates to counter national insurance companies.

The D-8 countries will recognize the vital and main role of the private sector in achieving the goals of the group in cooperating in all field, including trade and investments, an Egyptian report said.

Previous Stories:
  Pakistan stresses importance of D-8 summ   (2/21/2001)
  Turkish President in D-8 gathering   (2/21/2001)
  Iranian FM shares in D-8 gatherings   (2/21/2001)

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