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.


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