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Bangladesh PM Proposes Common Currency for Muslim Countries.
More about the news
- Bangladesh Prime Minister Sheikh Hasina suggests the adoption of a common currency, similar to the Euro in the European Union, among Muslim countries.
- The aim is to facilitate trade and commerce among Muslim nations, fostering economic integration and cooperation.
- The proposal was put forward during a meeting with a delegation of D-8 trade ministers led by Turkish Deputy Minister of Trade Mustafa Tizcu.
- The meeting took place at the Prime Minister's official residence, Ganabhaban, in Dhaka.
- Bangladesh PM emphasizes the importance of D-8 member countries working together as a family in trade and commerce.
- She advocates for mutual technical assistance among member nations to enhance their collective prosperity.
- The meeting also focused on implementing a preferential trade agreement (PTA) among D-8 countries.
- Efforts are underway to expand the scope and effectiveness of the agreement to further promote trade among member states.
About the D-8 Organization for Economic Cooperation
Establishment
- The D-8 Organization for Economic Cooperation was officially established through the Istanbul Declaration of the Summit of Heads of State/Government on June 15, 1997.
- The idea of cooperation among major Muslim developing countries was proposed by Prof. Dr. Necmettin Erbakan, the then Prime Minister of Turkey, during a seminar on "Cooperation in Development" held in Istanbul in October 1996.
- Representatives from Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Pakistan attended the seminar, marking the first step towards the establishment of D-8.
Global Arrangement
- The D-8 is considered a global arrangement rather than a regional one, as its members are diverse geographically and culturally.
- It does not impact bilateral and multilateral commitments of member countries to other international or regional organizations.
Leadership
- Ambassador Isiaka Abdulqadir Imam from Nigeria currently serves as the Secretary-General of the D-8 Organization for Economic Cooperation.
- The Secretariat of the organization is based in Istanbul, Turkey.
Vision and Cooperation
- The vision behind D-8 cooperation is to foster collaboration among countries spanning from Southeast Asia to Africa.
- It aims to enhance economic cooperation, trade, and development among member states.
- The establishment of D-8 was preceded by a series of preparatory meetings, culminating in the official establishment and initiation of activities with the Istanbul Declaration.
Purposes & Objectives of D-8 Organization for Economic Cooperation
Main Objective
- The primary objective of the D-8 Organization for Economic Cooperation, as stated in the first Summit Declaration (Istanbul, 1997), is socio-economic development.
- This objective is guided by the following principles:
- Peace over conflict
- Dialogue over confrontation
- Cooperation over exploitation
- Justice over double-standards
- Equality over discrimination
- Democracy over oppression
Specific Objectives
- Improve developing countries' positions in the world economy.
- Diversify and create new opportunities in trade relations.
- Enhance participation in decision-making at the international level.
- Provide a better standard of living for member states' populations.
Application of Objectives
- Economic Disparity: Commitment to work together to address economic disparities within member countries.
- Energy Cooperation: Reaffirmation of commitment to enhance cooperation in the development of alternative and renewable energy resources.
- Global Trade Promotion: Emphasis on the importance of D-8 in contributing to the economic development of member countries and promoting global trade.
Non-Adverse Impact
- The D-8 Organization for Economic Cooperation ensures that its activities have no adverse impact on the bilateral and multilateral commitments of member countries to other regional or international organizations.
Organizational Structure of D-8
Principle Organs
- The Summit: Composed of the Heads of State/Government of member states, the Summit is the supreme organ of D-It convenes once every two years to discuss key issues and make decisions.
- The Council: Consisting of the Ministers of Foreign Affairs of member states, the Council serves as the political decision-making body of D-It provides a forum for in-depth discussions and comprehensive consideration of various issues.
- The Commission: Acting as the executive body of D-8, the Commission is composed of senior officials appointed by their respective governments. Each Commissioner is responsible for coordinating national efforts within their country.
D-8 Secretariat
- The D-8 Secretariat serves as the administrative hub of the organization and is responsible for facilitating communication and coordination among member states.
- The Directing Staffs of the Secretariat include:
- Secretary General: From Nigeria, the Secretary General oversees the overall functioning of the Secretariat and represents D-8 in external matters.
- Director I (Administrative, Legal and Internal Issues): From Pakistan, responsible for administrative, legal, and internal affairs within the Secretariat.
- Director II (Economy, Implementation, and External Relations): From Indonesia, responsible for matters related to the economy, implementation of initiatives, and external relations of D-8.
External Relations of D-8
- United Nations (UN)
- D-8 obtained observer status in the United Nations General Assembly, enhancing its visibility and capacity-building opportunities.
- United Nations Industrial Development Organization (UNIDO)
- Signed a Joint Declaration focusing on trade capacity-building, SME development, renewable energy, and industrial cooperation.
- Organization of Islamic Cooperation (OIC)
- Signed a Memorandum of Understanding (MoU) to promote joint programs and projects, particularly in agriculture, trade, and energy.
- Islamic Development Bank (IDB)
- Signed an MoU for cooperation in various sectors including transportation, trade, investment, energy, and agriculture.
- African-Asian Rural Development Organization (AARDO)
- Signed an MoU to promote cooperation in agriculture and rural development among member countries.
- Economic Cooperation Organization (ECO)
- Signed an MoU to strengthen cooperation in trade, energy, agriculture, and SME development.
- Organization of the Black Sea Economic Cooperation (BSEC)
- Signed an MoU to foster cooperation in trade, agriculture, industry, and tourism.
- Economic Community of West African States (ECOWAS)
- Signed an MoU to collaborate on pharmaceuticals, industrial upgrading, agriculture, and food security.
- Islamic World Science Citation Center (ISC)
- Signed a MoU to promote cooperation in scientometrics, technology, and innovation among D-8 countries.
- Chatham House
- Signed an MoU to collaborate on global health initiatives, enhancing the visibility and capacity of D-8's Health and Social Protection Secretariat.
Conclusion
In conclusion, the proposal by Bangladesh Prime Minister Sheikh Hasina for a common currency among Muslim countries, akin to the Euro, underscores the growing momentum towards economic integration and cooperation within the D-8 Organization for Economic Cooperation. This initiative, coupled with the existing agreements and collaborations with various international organizations and entities, reflects a concerted effort to enhance trade, investment, and development among member states. As the D-8 continues to strengthen its institutional framework and expand its partnerships, it is poised to play a more significant role in promoting socio-economic prosperity and stability across its diverse member countries.
