Qatar Participates in 40th COMCEC Ministerial Session in Istanbul

40th COMCEC Ministerial Session

The State of Qatar participated in the 40th ministerial session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), held in Istanbul through Tuesday.

HE Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al-Thani led Qatar's delegation at the session.

The opening session featured a keynote speech by HE President of the Republic of Turkiye and Chairman of COMCEC, Recep Tayyip Erdogan.

Speaking on behalf of the Arab Group, HE Sheikh Mohammed bin Hamad bin Qassim Al-Thani highlighted the importance of strengthening economic and commercial cooperation under COMCECs framework, particularly in light of global shifts that are prompting countries to seek closer coordination for expanding economic and commercial ties.

HE the Minister emphasized that the meeting serves as an opportunity to adopt initiatives aimed at enhancing intra-trade among the OIC member states, and to address obstacles limiting trade and investment exchanges. These efforts are directed towards achieving the OIC Ten-Year Action Plan goal of raising intra-trade to 25 percent by 2025.

HE the Minister further noted that 27 OIC member states have already achieved the target of increasing intra-Islamic trade, expressing optimism for intensified efforts to enable remaining members to reach this target by next year, thereby strengthening the level of trade among Islamic countries.

HE Sheikh Mohammed bin Hamad bin Qassim Al-Thani voiced confidence that the resolutions and recommendations issued during this session will bolster mechanisms to advance cooperation and foster intra-trade among OIC member states. He highlighted the additional potential for strengthening bilateral and multilateral economic and commercial cooperation.

In conclusion, HE the Minister indicated that this platform opens new avenues for stimulating joint investments and enhancing e-commerce capacities of member states through digital transformation technologies, ultimately contributing to the shared prosperity of the peoples of the OIC countries.

The session included a review of the report on the implementation of the COMCEC strategy and the Executive Program of the Organization of Islamic Cooperation 2025. The OIC General Secretariat presented a progress report on the 2025 Work Programs milestones.

Key agenda items included discussions on global economic developments and their implications for OIC member states, as well as enhancing financial cooperation, improving transportation and communications, boosting the tourism sector, increasing agricultural production and maintaining food security, and advancing digital transformation. The meeting also explored views on "digital transformation of payment systems in OIC member states." Additionally, topics concerning intra-trade among OIC member states were addressed, with heads of delegations exploring issues of mutual interest and the role of the private sector in economic cooperation. The Islamic Center for Development of Trade presented a report on recent developments in private sector meetings.

The Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), established in 1981, serves as the primary framework for multilateral economic and commercial cooperation within the Islamic world.

On the sidelines of the meeting, HE Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al-Thani held bilateral discussions with HE Minister of Commerce in the Kingdom of Saudi Arabia, Dr. Majid bin Abdullah Al Qasabi, and HE Minister of Investment and Foreign Trade in the Arab Republic of Egypt, Eng. Hassan Al Khatib.

During these meetings, they reviewed the bilateral trade and investment relations between Qatar and each of Saudi Arabia and Egypt, exploring avenues to further develop and advance these ties.

(QNA)