Media ININ Economy We Trust
Media In / Jeddah 21 November 2018
The report of the General Secretariat of the Organization of Islamic Cooperation (OIC) was issued to the Standing Committee for Economic and Commercial Cooperation (COMCEC). The net volume of intra-OIC trade amounted to US $ 322.2 billion in 2017, compared to US $ 278.2 billion in 2016 due to fluctuating commodity prices, Oil and mining and food products. The share of intra-OIC trade in foreign trade of the OIC member countries increased by 6% from 18.7% in 2016 to 19.8% in 2017.
In 2017, the General Secretariat for Islamic Cooperation registered 74.6% of the total volume of intra-OIC trade totaling $ 481 billion. These countries included the UAE, Turkey, Saudi Arabia, Indonesia, Iran, Malaysia, Egypt, Pakistan, Oman and Iraq.
Ambassador Obelero noted that in 2017, 28 countries achieved the agreed goal of the “OIC Program of Action – 2025” to achieve 25% of intra-OIC trade. These countries are Somalia, Sudan, Syria, Yemen, Afghanistan, Gambia, Togo, Djibouti, Egypt, Iran (Islamic Republic of), Jordan, Lebanon, Lebanon, Senegal, Oman, Sierra Leone, Sudan, Tunisia, United Arab Emirates, United Republic of Tanzania, Uzbekistan, Turkmenistan and Uzbekistan.
As for the OIC global trade as a group, the share of OIC countries decreased from US $ 4.2 trillion in 2014 to US $ 3.2 trillion in 2017, a decrease of 22%. Ambassador Obileiro attributed this to volatile commodity prices and barriers Trade and investment, in addition to the fragile environment of the global economy and trade, while the share of trade in the OIC countries is 11% in 2014 compared to 9.4% of world trade in 2017, a decrease of 14.4%.
