D8 Nations, Nigeria Agree To Boost Trade By $500bn

The Chambers of Commerce and Industry of eight developing countries, otherwise known as D-8 have agreed to increase trade volume among member countries to the tune of $500 billion by the year 2023.

The countries are Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

This pact was contained in a communiqué issued at the end of the D-8 Chambers of Commerce and Industry meeting held at Izmir, Turkey in October 2016.

A copy of the communiqué made available to journalists yesterday in Kaduna by the President of Kaduna Chamber of Commerce and Industry, Dr. Abdul Alimi Bello, who was at the Izmir, Turkey, said they planned to enhance trade amongst the D-8 countries, where the countries have comparative advantage: Bangladesh in silk and mango; Turkey in culture fishing, leather and shoes sectors; Nigeria in construction, mining, agriculture and energy fields.

Other resolutions of the D-8 countries show they plan to provide five years’ visa for businessmen with multiple entries.

Member-countries of the developing nations also resolved to abolish all existing commercial and economic restrictions that obstruct economic co-operation between them, abolish custom duty tariffs between countries as well as facilitate and enhance banking operations within member-countries.

Other highlights of the communiqué include: signing the double taxation avoidance agreement, to cooperate in tourism between member-countries, provide scholarship by the Izmir University of Economics to one student from each chamber of commerce and industry that participated in the meeting, to develop know-how and technology transfers between the D-8 countries, to participate reciprocally in trade exhibitions in D-8 countries to increase commercial and economic interaction.

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