Iran to Attend Upcoming Developing-8 Meeting in Turkey

Secretary-General of the Developing-8 Group (D8) Seyed Ali Mohammad Moussavi said that Iran, as always, will play an active role in the upcoming D8 trade ministers meeting slated to be held in Turkey in coming weeks. Speaking at a meeting with Iranian Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh, Moussavi announced that the D8 trade ministers meeting is going to be held in Turkey in the coming weeks and Iran will take part in it. Moussavi noted that establishment of the D8 grouping was one of the wishes of Supreme Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei. “The eight countries, with about one billion population share common interests and enjoy good potential for mutual economic exchanges,” he added. Moussavi pointed to $20bln worth inter- and intra-D8 trade since its establishment and said with conclusion of several agreements, including PTA customs and visa issuance, the regional cooperation can be facilitated. The intra-D8 trade should reach as high as $500bln and that’s a big goal, he added. He also referred to the agreement among the D8 members to cut preferential tariffs with an aim to upgrade volume of exchanges among themselves. Four out of eight D8 members have thus far offered lists of their tariffs and Iran too has presented the initial list of tariffs, which would be put into force as of early November, he added. The Developing 8 (D-8 or Developing Eight) are a group of developing countries with large Muslim populations that have formed an economic development alliance. It consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. The objectives of D-8 Organization for Economic Cooperation are to improve member states’ position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living. D-8 is a global arrangement rather than a regional one, as the composition of its members reflects.