Page 44 - MOE ENGLISH PR REPORT - JUNE 2024
P. 44
Press Release
countries through legal instruments such as the OIC Trade Preferential System
Framework Convention and OIC Trade Preferential System Protocol (PRETAS),
alongside special rules of origin regime, particularly in light of global economic
changes.
Furthermore, His Excellency stated that expanding the accession of member
countries to these agreements will unlock new economic cooperation opportunities,
foster sustainable development, and contribute to the OIC’s goal of achieving a 25
per cent growth in intra-member trade.
Trade Preferential System among OIC Member Countries
The OIC Trade Preferential System (TPS-OIC) is one of the most important projects
of the Organization of Islamic Cooperation (COMCEC). Its main objective is to
promote intra-regional trade among member countries and is based on three
conventions, including the Framework Agreement, the Preferential Tariff Plan
Protocol for the System of Trade Preferential among Member countries (PRETTas)
and the Rules of Origin.
The meeting also included discussion to enhance trade and economic cooperation
among Islamic countries, focusing on establishing the Islamic Common Market and
implementing trade liberalization measures among member countries. It also
addressed developments in the operationalization of the Trade Preferential System
and supporting trade transparency and exploring opportunities in the services sector
as a key driver of the global economy. Additionally, the meeting explored ways to
facilitate Foreign Direct Investment (FDI) among member countries to foster
economic support and growth.
-Ends-
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