UAE Participates at 32nd Standing Committee for Economic and Commercial Cooperation Meeting in Istanbul
Istanbul - The United Arab Emirates has participated at the 32nd session of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) at the ministerial level, which opened (Wednesday, November 23) in Istanbul. Running for 2 days, the session's launch was led by Turkey President Recep Tayyip Erdoan.
The forum's 15 major agenda focus on COMCEC Technique, the 10-year program of the Organization of the Islamic Teamwork, as well as global financial and bilateral trade developments among member nations.
H.E. Eng. Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economic climate for Economic Affairs, is the head of the UAE delegation which comprises Khalifa Abdul Rahman Al Marzouqi, UAE Consul General in Istanbul; Nizar Faisal Al-Meshaal, Director, Department of Economic Agreements & Joint Committees; Fatima Al Hammadi from the Department of Economic Agreements; Sumayya Al Janahi, Undersecretary's Office; and also Amira Abdallah Al Dahmani from the Ministry of Affairs and International Cooperation.
In his statement, H.E Eng. Al Shehhi stated the conversations focused on numerous vital subjects and also concerns vital for all member nations, consisting of brand-new approaches to more develop the Islamic financing industry of the Company of Islamic Collaboration (OIC) member nations. The attendees praised the countries with clear as well as effective Islamic money techniques such as the UAE, which leads various other countries in terms of provision of Islamic finance services.
Throughout the meeting, the individuals took a look at a record whose searchings for show a 3.1 per cent decline in the global economic climate in 2015 however that it is expected to see an enhancement by 3.2 and also 3.5 percent in 2016 and 2017, respectively.
The report likewise exposes a decline in the OIC's complete good exports for three consecutive years, which totaled up to concerning USD 1.6 trillion in 2015 compared to USD 2.3 trillion which was the highest possible signed up in 2012.
The trade quantity amongst intra-country participants represented 20 per cent of the overall world trade, and the percent is expected to get to 25 per cent in the next duration. To accomplish the latter, much more participation as well as sychronisation between countries are needed.
The volume of the intra-OIC goods trade, on the various other hand, amounted to concerning USD 7.9 billion in 2015, with intra-exports stood at USD 339 billion in 2015 versus USD 375 billion in 2014. The value of intra-imports in 2015 decreased to USD 370 billion from USD 400 billion in 2014.
