D-8 aims to accelerate growth, achieve its decennial target by 2030

By Faruk Zorlu

ANKARA (AA) - The D-8 Organization for Economic Cooperation is celebrating its 26th anniversary.

The bloc is working to boost economic development among its member countries and achieve its goals outlined in the decennial target for 2020-2030.

Founded in 1997, the D-8 comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye.

Speaking at its anniversary celebration on Thursday, Isiaka Abdulqadir Imam, D-8's secretary-general, said the organization has made progress in its key sectors, remaining focused on its objectives, and aims to create a complementary economic powerhouse.

The organization's key priority sectors are trade, agriculture, industry, and education, and the alignment of its roadmap with the United Nations Sustainable Development Goals.

"Guided by the D-8 Decennial Roadmap for 2020-2030, the organization is now even more focused on conducting result-oriented tangible programs in its priority areas. That Roadmap also aligns with the United Nations Sustainable Development Goals (SDGs)," Imam said.

Imam highlighted a number of factors in favor of the organization, including a large population, a diverse economy, and a commitment to cooperation.

He said the organization aims to foster a complementary economy among its member states and has established affiliate bodies to support its initiatives.

Emphasizing the D-8's economic significance based on its statistics, he said with a combined population of 1.16 billion people and a GDP of $4.3 trillion in 2021, the D-8 holds substantial economic potential.

He said the organization has also advanced trade facilitation through the Preferential Trade Agreement and is working to boost intra-trade to $500 billion by 2030.

"Currently, the intra-trade among the D-8 Members stands at US$146 billion. This does not reflect the true potential of a market with 1.16 billion people," he said.

To further promote economic activities and development among member states, "the D-8 is gearing up to establish the D-8 Centre for Small and Medium Enterprises in Abuja, Nigeria, this year. The center will serve as a platform to boost the development of SMEs as major stakeholders for the economic activities in most, if not all, D-8 Member States," he said.

Also, highlighting the importance of the organization's extensive external cooperation with international and regional partners, he said: "The D-8’s status as an observer of the United Nations General Assembly since 2014 plays a crucial role in our endeavor."

The D-8 collaborates with UN bodies and specialized agencies to enhance the capacity of its member states. The organization also seeks contributions from potential donors to facilitate program execution, he said.