Islamic Development Bank (IDB) Group Chairman Ahmad Mohamed Ali has called for speedy implementation of the preferential trade system among member states of the Organization of Islamic Cooperation (OIC), which is set on lowering customs tariffs among the member states to increase intra-trade and stem the impacts of non-customs barriers.

Ali made the remark during the consultative ministerial meeting of the OIC member states organized by the IDB Group in Bali, Indonesia. The meeting came on the eve of the 9th World Trade Organization (WTO) Ministerial Conference.

Ali touched upon the increase in intra-trade rates among OIC member states as a strategic target of the IDB Group. “It is an urgent need risen out of successive global economic developments associated with economic globalization and its regional and international economic and trade consequences,” he said. “This globalized economic reality has led to emergence of major regional economic blocs providing a more conducive environment for economic growth and adaptation with global economic changes leading to further interdependence of interests among countries.”

Ali explained that the intra-trade rate among OIC member states has recently exceeded 18 percent. However, the figure is still a modest one and does not stand up to the desired level aspired by the member states of the OIC. He urged the OIC members states to do more to implement the resolution of the Third Extraordinary Session of the Islamic Summit Conference, 2005, which called for 20 percent intra-trade rate among OIC member states by 2015.

Around 160 representatives from the OIC member countries participated in the event chaired by Morocco’s minister of trade, with secretary general of the United Nations Conference on Trade and Development (UNCTAD) and WTO deputy director general in attendance.

The event came in the framework of IDB’s program for providing technical assistance and capacity building to OIC member states in relation to the issues concerning WTO. The program comprises organization of consultative meetings, seminars, workshops, as well as funding studies and technical assistances for member countries that are yet to join the WTO.