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29 March 2024

27% of UAE foreign trade with OIC nations

Published
By WAM

The UAE took part in the 26th session of the Standing Committee for Economic and Commercial Co-operation (Comcec) of the Organisation of Islamic Conference (OIC), which was held in Istanbul on October 7 and 8.

Economy Minister Sultan bin Saeed Al Mansouri led the country's delegation to the session. The session was opened by Turkish President Abdullah Gul.

Al Mansouri said in a statement that the past five years witnessed a tremendous growth in trade among member countries with the volume of trade soaring to $550 billion in 2009.

"Trade with the OIC member countries represented 27 per cent of the UAE's foreign trade," noted Al Mansouri.

"UAE's imports from the OIC member countries made 16 per cent of the UAE's foreign trade, while exports to these countries stood at 36 per cent and re-exports at 56 per cent," he added.

Al Mansouri indicated that the OIC member countries were seeking to establish unified standards, particularly in foodstuff items.

"Food security remains the key concern for the OIC members and we are very keen to create joint standards for foodstuff items."

A 10-year plan was developed during the extraordinary session in Makkah that entails boosting intra-OIC trade by 20 per cent in 2015.

Al Mansouri called for enhancing economic and commercial co-operation among the OIC member countries.

Delivering the session's opening remarks, President Gul argued that the global economic crisis cast its harshest effects on the Islamic countries and that these nations must urgently deal with their structural problems in order to avoid suffering from the same troubles again.

He said only through solving their chronic problems, such as poverty and unfair distribution of income, can Islamic nations attain a position they deserve in the international arena.