The secretary-general of the Organization of Islamic Cooperation has called upon member countries to provide each other with most-favored nation status in order to increase intra-OIC trade from 17 percent to 20 percent of their total trade by 2015.
Addressing the ministerial committee for Economic and Commercial Cooperation, Professor Ekmeleddin Ihsanoglu said average gross domestic product growth of OIC countries reached 5 percent in 2011 while their poverty rate grew from 27 percent in 2007 to 38 percent in 2011.
Ihsanoglu's speech was read out by Hameed Opeloyeru, assistant secretary-general for economic affairs.
"The meeting is a good opportunity for member countries to push for boosting trade relations among them by adopting the system of most-favored nation status," the secretary-general said.
The OIC chief also urged the meeting participants to adopt necessary resolutions to promote small and medium enterprises in member countries.
He commended the Jeddah-based Islamic Development Bank for financing development projects in OIC states and support their capacity building endeavors.
Intra-OIC trade needs big boost
