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null UAE affirms readiness to cooperate and offer its commercial capabilities to support OIC’s economic objectives

13 Jun 2024

During its participation in the third ministerial meeting of the Negotiating Committee of the COMCEC System of Trade Preferential

 

UAE affirms readiness to cooperate and offer its commercial capabilities to support OIC’s economic objectives

 

 

The UAE participated in the third ministerial meeting of the Trade Negotiations Committee of the Trade Preferential System of the Organization of Islamic Cooperation (COMCEC). Hosted by the Republic of Turkey, the meeting aimed to strengthen trade and economic cooperation mechanisms and expand the Trade Preferential System among OIC member countries.

 

During his speech at the meeting, His Excellency Juma Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the Ministry of Economy, underscored the UAE’s commitment to enhancing economic and trade cooperation with OIC member states. Recognizing the significance of economic integration and the development of a cohesive trading network among member states, His Excellency highlighted that these efforts are in accordance with the OIC Charter’s objective of enhancing intra-trade performance.

 

Juma Mohammed Al Kait expressed the willingness of the UAE to collaborate, share experiences, and establish sustainable partnerships with all member countries as well as leverage the country’s commercial capabilities to support the Organization’s objectives. The UAE’s strategic geographical location positions it as a pivotal and influential participant in global trade, supported by advanced infrastructure and technology.

Juma Mohammed Al Kait further highlighted the importance of operationalizing trade cooperation mechanisms and enhancing trade transparency among member countries through legal instruments such as the OIC Trade Preferential System Framework Convention and OIC Trade Preferential System Protocol (PRETAS), alongside special rules of origin regime, particularly in light of global economic changes.

 

Furthermore, His Excellency stated that expanding the accession of member countries to these agreements will unlock new economic cooperation opportunities, foster sustainable development, and contribute to the OIC’s goal of achieving a 25 per cent growth in intra-member trade.

 

Trade Preferential System among OIC Member Countries

 

The OIC Trade Preferential System (TPS-OIC) is one of the most important projects of the Organization of Islamic Cooperation (COMCEC). Its main objective is to promote intra-regional trade among member countries and is based on three conventions, including the Framework Agreement, the Preferential Tariff Plan Protocol for the System of Trade Preferential among Member countries (PRETTas) and the Rules of Origin.

 

The meeting also included discussion to enhance trade and economic cooperation among Islamic countries, focusing on establishing the Islamic Common Market and implementing trade liberalization measures among member countries. It also addressed developments in the operationalization of the Trade Preferential System and supporting trade transparency and exploring opportunities in the services sector as a key driver of the global economy. Additionally, the meeting explored ways to facilitate Foreign Direct Investment (FDI) among member countries to foster economic support and growth.

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