Trade among Islamic nations must become key focus: TDAP chief

Saqib Chadhar, CEO of the Trade Development Authority of Pakistan (TDAP), has emphasized the need for Pakistan to prioritize trade among Islamic nations. During a recent FPCCI Islamic Economy Summit, Chadhar urged the government to fully support economic cooperation in Muslim countries, stressing the importance of trade ties within the Islamic world. He advocated for strengthening economic linkages with these nations and enhancing trade relationships.

Chadhar highlighted that Pakistan has significant potential to become a major exporter of halal food, meat, pharmaceuticals, cosmetics, and other halal-certified products to Muslim markets. He also noted that Pakistan's textile and garment industry could expand exports to Islamic countries through competitive pricing, improved branding, value addition, and halal-compliant production.

According to MNA Dr Mirza Ikhtiar Baig, total trade among Organization of Islamic Cooperation (OIC) member countries reached approximately USD1 trillion in 2024, up from USD884 billion in 2023, representing an increase of around 13.6 percent. Intra-OIC trade accounted for 20.36 percent of OIC countries' total foreign trade in 2024, up from 19.16 percent in the previous year. The OIC has set a target of achieving 25 percent intra-OIC trade, with 30 out of 57 OIC member countries already reaching this goal in 2024.

FPCCI Vice President Qurrat-ul-Ain, who chaired the summit, emphasized the vast opportunities for employment, trade, investment, joint ventures, and tourism within the combined economy of 57 Muslim countries, which exceeds USD10 trillion. Sheikh Yousef Hassan Khalawi, Islamic Chamber Secretary General, stressed the need to promote economic connectivity and economic tourism in innovative ways.

Director General of the Ministry of Foreign Affairs, Irfan Soomro, underscored the importance of both collective and bilateral trade relations among Islamic countries for Pakistan's economic future.