Pakistan seeks Organisation of Islamic Cooperation economic solidarity

During the closing session of the 42nd COMCEC Ministerial Session in Istanbul, Commerce Minister Jam Kamal urged stronger economic solidarity and better access to trade financing among member states of the Organisation of Islamic Cooperation (OIC). Kamal emphasized the growing significance of economic cooperation and collective action, citing geopolitical tensions, supply chain disruptions, financial vulnerabilities and increasing protectionism.

He expressed gratitude to the Turkish government and people for their hospitality and excellent arrangements, while acknowledging the contributions of COMCEC Coordination Office and OIC institutions. Kamal highlighted OIC countries' significant economic potential, geographical advantages, human resources and natural endowments. Despite progress in sustainable development, technological advancement and economic prosperity, emerging global challenges necessitated stronger partnerships and coordinated policies.

The conference's outcomes identified key areas for collective action, such as intra-OIC trade, transport connectivity, sustainable tourism, agricultural productivity, food security, poverty alleviation and digital transformation. Kamal stressed the need for affordable, diversified and sustainable trade financing tools to enhance export competitiveness, expand international trade and accelerate economic growth.

He outlined five priority areas for closer cooperation among OIC member states, including strengthening and harmonizing legal, regulatory and supervisory frameworks, diversifying trade financing instruments, establishing stronger export credit guarantee mechanisms and developing innovative financial arrangements tailored to exporters' needs, particularly micro, small and medium-sized enterprises (MSMEs) and technology-driven enterprises.