Malaysia and Pakistan have signed a trade pact, Malaysia’s first bilateral free trade agreement (FTA) with a member of the Organisation of Islamic Conference (OIC).
The first World Islamic Economic Forum yesterday called for the establishment of an Islamic common market and floated a series of initiatives to boost business cooperation amongst Muslim nations.
Governments and the private sectors of the member countries of the Organisation of Islamic Conference (OIC) should take a qualitative leap to establish an Islamic Free Trade Area (FTA) to overcome obstacles and bottlenecks that hinder the development of trade and investment between member states.
Muslim nations moved closer to forming a free trade area (FTA) on Monday, with plans to adopt tariff-cutting steps by end-2005 to bridge a gap between oil-rich and poor members of the Organisation of the Islamic Conference.
Speakers at a business session yesterday said Bangladesh and Malaysia can strike a bilateral free trade agreement (FTA) after taking into account the strengths and needs of both these countries.