D-8

[Banglar Bir]

Turkey can make D-8 more effective, says Pakistan
Turkey’s economic influence is bigger than other member countries, Pakistan’s Foreign Minister Khawaja Asif says
20.10.2017

D-8 summit ends with Istanbul declaration

D-8 countries to establish a project support fund

Islamic Development Bank, D-8 ink cooperation deal

Turkey seeks trade in local currencies among D-8 states

Bangladesh wants lasting solution to Myanmar crisis
By Burcu Arik and Nilay Kar Onum
ISTANBUL
Turkey can take a leading role on economic and political fronts during its two-year presidency of Developing-8 (D-8) states, Pakistan’s foreign minister has said.
Speaking to the Anadolu Agency at the D-8 meeting in Istanbul, Khawaja Asif said Turkey's economic influence was greater than other member countries.

Turkey will take over the presidency from Pakistan on Friday, which will mark the 20th anniversary of the international organization.

The international summit, with the theme Expanding Opportunities through Cooperation, is being attended by Nigerian President Muhammadu Buhari and Azerbaijani leader Ilham Aliyev.

Pakistani Prime Minister Shahid Khaqan Abbasi, Iran's First Vice President Eshaq Jahangiri and Indonesian Vice President Jusuf Kalla are also participating.

Asif underlined the importance of sharing energy resources among the D-8 states. “They can share energy resources through connectivity,” he said.

“The connectivity is the most important factor, which will increase trade, economic relationships and political relationships.”

During a meeting of the D-8 Council, Turkish Foreign Minister Mevlut Cavusoglu said that energy would be the primary focus of Turkey’s presidency.

“In fields such as hydrocarbon exploration and production activities, we could produce projects together,” he told delegates from the eight member states.

The D-8 countries are collectively rich in mineral and natural resources, have reliable energy and agricultural sectors, as well as dynamic and competitive labor forces, promising tourism prospects and lower operational costs.

Some members are cited amongst the top 25 exporters in the world. All the D-8 countries are important players in their respective regions.

Asif said the organization should have the capacity to resolve crises in the Muslim world.

“So, it has been suggested that the secretary of the organization should work on broadening the mandate of this organization,” he said.
http://aa.com.tr/en/economy/turkey-can-make-d-8-more-effective-says-pakistan/942842

 

[Mage]

Turkey can make D-8 more effective, says Pakistan
Turkey’s economic influence is bigger than other member countries, Pakistan’s Foreign Minister Khawaja Asif says
20.10.2017

D-8 summit ends with Istanbul declaration

D-8 countries to establish a project support fund

Islamic Development Bank, D-8 ink cooperation deal

Turkey seeks trade in local currencies among D-8 states

Bangladesh wants lasting solution to Myanmar crisis
By Burcu Arik and Nilay Kar Onum
ISTANBUL
Turkey can take a leading role on economic and political fronts during its two-year presidency of Developing-8 (D-8) states, Pakistan’s foreign minister has said.
Speaking to the Anadolu Agency at the D-8 meeting in Istanbul, Khawaja Asif said Turkey's economic influence was greater than other member countries.

Turkey will take over the presidency from Pakistan on Friday, which will mark the 20th anniversary of the international organization.

The international summit, with the theme Expanding Opportunities through Cooperation, is being attended by Nigerian President Muhammadu Buhari and Azerbaijani leader Ilham Aliyev.

Pakistani Prime Minister Shahid Khaqan Abbasi, Iran's First Vice President Eshaq Jahangiri and Indonesian Vice President Jusuf Kalla are also participating.

Asif underlined the importance of sharing energy resources among the D-8 states. “They can share energy resources through connectivity,” he said.

“The connectivity is the most important factor, which will increase trade, economic relationships and political relationships.”

During a meeting of the D-8 Council, Turkish Foreign Minister Mevlut Cavusoglu said that energy would be the primary focus of Turkey’s presidency.

“In fields such as hydrocarbon exploration and production activities, we could produce projects together,” he told delegates from the eight member states.

The D-8 countries are collectively rich in mineral and natural resources, have reliable energy and agricultural sectors, as well as dynamic and competitive labor forces, promising tourism prospects and lower operational costs.

Some members are cited amongst the top 25 exporters in the world. All the D-8 countries are important players in their respective regions.

Asif said the organization should have the capacity to resolve crises in the Muslim world.

“So, it has been suggested that the secretary of the organization should work on broadening the mandate of this organization,” he said.
http://aa.com.tr/en/economy/turkey-can-make-d-8-more-effective-says-pakistan/942842

Who was Bangladesh's representative in the summit?

 

[BDforever]

Who was Bangladesh's representative in the summit?

.. nah

 

[EastBengalPro]

D-8
Hatice Karahan
20 October 2017
Bangladesh, Indonesia, Iran, Malaysia, Egypt, Nigeria, Pakistan and Turkey. The Developing Eight, also known as D-8, created by these emerging economies, are gathering at a summit in Istanbul today.

The 20-year efforts to boost cooperation are aimed at strengthening the presence of these countries in the world’s economy. Indeed, 2016 data reveals that the D-8 currently accounts for only 5 percent of the global GDP.
Indonesia and Turkey constitute half of D-8 GDP
Moreover, Indonesia and Turkey, the two largest countries in the group, constitute almost half of this economic volume, with the former having $932 billion, and the latter having $858 billion in GDP.
While Nigeria and Iran have roughly $400 billion each, they are followed by Egypt with $336 billion, Malaysia with $296 billion, Pakistan with $284 billion and Bangladesh with $221 billion.

Additionally, although all the members are in a developing status, they actually have quite different economic profiles in both economic size and welfare.
Welfare gap
While Turkey has the highest income per capita, other countries in the group have less than $10,000 - which is roughly below the world average.
The most prosperous economy among the remaining seven is Malaysia with $9,500 income per capita.
While Iran is barely at $5,000, Egypt and Indonesia are still around $3,500.
Nigeria, Pakistan and Bangladesh are the economies with the lowest income per capita in the group.

As can be seen, there is a wide gap among D-8 members.
Young unemployment alarm
D-8 economies, which have to boost the income and life standards of their people, have different unemployment rates that they are struggling with.
While Malaysia, Bangladesh, Indonesia and Pakistan have relatively lower single-digit unemployment rates, other members have higher rates than Turkey, which is hovering at lower double-digit figures.

The alarming part is that young unemployment is quite disconnected from general unemployment in almost all countries. While young unemployment rates hover between 20 percent and 30 percent in some members, they are over 30 percent in Egypt - a social problem which needs to be solved.
Even Malaysia, with an average 3.4 percent in unemployment, has double digits when it comes to its young population. In this context, given the population dynamics of these economies, it is necessary for them to write strong stories of growth.
Strong growth
At this point, it would do well to take a look at the recent growth performance of all the members. As it is known, Turkey slowed down as a result of the occurrences in 2016 and it has gained momentum again this year.
As it is, we are constantly talking about this in detail. In other D-8 economies, there are still discrepant situations.
For instance, Indonesia has been following a stable and robust course in this area for a long time. It is not easy to achieve 5 percent in growth successively.
It is noteworthy that Bangladesh has unperturbedly increased its growth from 6 percent to 7 percent.
Likewise, Pakistan has been increasingly developing in this period, with an increased growth of 5.7 percent in 2016.

On the other hand, Malaysia has declined to 4 percent from 6 percent in the last few years. Also, Egypt has a moderate performance going between 3 percent and 4 percent.
There are also two countries that have suffered oil losses like Nigeria and Iran in recent years.
While Iran considerably recovered in 2016 with the removal of sanctions, Nigeria, it seems, will recover slowly.

This organization, founded in 1997 with the Istanbul Declaration, needs investments, productivity growth, competitive environments and thus reforms in order to sustainably strengthen their economies.

In this context, while each country tries to design the most appropriate economic policies for itself, sincere and effective international collaborations undoubtedly have critical importance.
D-8
http://www.yenisafak.com/en/columns...glish&utm_campaign=facebook-yenisafak-english

These 8 should constitute a military block also like NATO.

Who was Bangladesh's representative in the summit?

Deputy FM may be,can you imagine that? Clearly we have some problems ourselves. F* up!

 

[Shahzaz ud din]

D-8 could work. It doesn't have the Saudis........

Maybe Iraq and Algeria can be included in it someday. Although it is necessary to keep Middle Eastern influence as low as possible.

Kindly rephrase this.D-8 could work. It doesn't have the Indians

 

[bluesky]

Pakistan has crossed 300

And BD is $250billion. These are all old and outdated data the newspapers are using.

 

[Mage]

Kindly rephrase this.D-8 could work. It doesn't have the Indians

Saudis would a much bigger problem than Indians....

Deputy FM may be,can you imagine that? Clearly we have some problems ourselves. F* up!

Man it clearly sends a signal that we're not interested in that group. Foreign minister should've been the one to go. Nigeria sent their President...

 

[Flynn Swagmire]

Saudis would a much bigger problem than Indians....

Nah, those days are over. Saudia is maturing and India is becoming more childish...

 

[EastBengalPro]

Man it clearly sends a signal that we're not interested in that group. Foreign minister should've been the one to go. Nigeria sent their President...

We can not isolate ourselves in this way. Either PM or President should have joined there considering current situation.

 

[Green Arrow]

Pakistan is in this group. Is Bd boycotting this summit as SARRAC?

In last D 8 summit which was held in Pakistan, BD sent a lower level delegation to represent BD.

 

[Banglar Bir]

Will D-8 countries boost trade in local currencies?
Erdal Tanas Karagöl
23 October 2017
It is clear that trade in local currencies will give new momentum to boosting trade among developing countries.

Trade in local currencies has also been frequently expressed in Turkey in recent years. In particular, the use of local currencies in our trade with emerging economies, with which we have intense business relations, is on the agenda.

Russia and Iran, from which Turkey imports energy, are the most important of these countries. Another country is China. The use of local currencies in trade with Russia, Iran and China is one of the major economic topics in summits where leaders of the three countries meet.

One of these summits was last week’s Developing Eight (D-8) summit in Istanbul. Trade in local currencies, which was also on the agenda at the D-8 summit, signals that developing countries will strengthen local trade. This will be a win for both sides.
D-8 countries and trade in local currencies
During the summit, a will emerged among D-8 countries regarding trade in local currencies. When we look at the history of the D-8, we see that it was formed as a result of a challenge to the strong economic relationship between developed countries.

The D-8 was established in 1997 after the meeting of the heads of states / governments in Istanbul. The total economic size of D-8 countries is $3.77 trillion and its population consists of a total 1.1 billion.

The characteristics of D-8 countries are both similar and different. This group includes Turkey and Indonesia, the two G-20 countries, and Iran, Pakistan and Bangladesh, which have the potential to be an economic power in Asia. It has Malaysia from the Far East, Egypt from North Africa, and Nigeria from Africa, all of which can have significant economic powers.
The common point of these countries is Islam.

The trade volume of $100 billion in an integration like the D-8, which is an Islamic platform and represents developing countries with an important mission, is very low.

There may be different economic, political or other factors in the low level of trade among D-8 countries. Leaving all these reasons aside, there is an obvious truth. There is a serious obstacle to the trade activities of underdeveloped or developing countries, including the D-8 group countries: foreign currency pressure.

The solution is, as President Erdoğan stated, the use of local currencies in trade. The use of local currencies is the most important means of preventing the stress of developing economies, especially the ones which experience foreign exchange troubles and are under an exchange rate pressure.
What should be done for trade in local currencies?
For this, the D-8 can function as a leading platform. The creation of an economic integration between Muslim countries will both be a role model for developing countries and will initiate a shift in the codes of international trade determined by developed economies.
So, the D-8 will be considered an "economic power."

In order for this integration to become an "economic power," they need to increase trade between countries, and remove trade obstacles.
What should be done to be successful in trade with local currencies?
First of all, trade surpluses must be dissolved through the exchange that the Central Banks of countries carry out. In other words, not converting surpluses into other reserve currencies is a prerequisite for increasing the trade in local currencies.

If countries with trade ties have the domestic currency of another country, it should be possible for these currencies to be provided as domestic currency loans among the countries. In this way, providing a facilitative incentive will encourage local trade.

To this end, the use of credit instruments must be allowed and the banking system needs to be harmonized between countries.

In the opening speech of the D-8 Summit, President Erdoğan presented the mission and target of the D-8, saying: “If we can open the path of using our national currencies in trade between our countries, we will have achieved a revolution in the history of D-8."

If the D-8 really achieves its goal, the economic and political integration that the late Erbakan, the architect of the D-8, imagined among Muslim countries will come true.
Why not?
http://www.yenisafak.com/en/columns...tries-boost-trade-in-local-currencies-2040168

 

[Al-zakir]

In last D 8 summit which was held in Pakistan, BD sent a lower level delegation to represent BD.

Well, well I can say it sucks. Bd is running by certain donkeys.

 

[idune]

Well, well I can say it sucks. Bd is running by certain donkeys.

Ruling Awami indian donkeys destroyed Bangladesh relation with other countries and now BD is isolated. Rohingya crisis proved it well.

 

[Banglar Bir]

Ruling Awami indian donkeys destroyed Bangladesh relation with other countries and now BD is isolated. Rohingya crisis proved it well.

Agreed 100%, however we, as the responsible citizens need to minimize these tragic failures, due to Indo- centric ideologies of SHW and her cronies, at least, interact and salvage what we possibly can by trying our utmost to reverse these evil trends,this forum gives us the privileges to do so,with like minded Citizens of SA and beyond.
Kindly refresh yourself,as you are fully aware that "Every Cloud has a Silver Lining" ,our conscience will be clear,that we tried our level best.
Rest is upto Almighty.