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Istanbul, November 3 (QNA) – The State of Qatar has participated in the 41st session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), held in Istanbul from November 1-4, under the chairmanship of HE President of the Republic of Turkiye Recep Tayyip Erdogan. The Qatari delegation was headed by HE Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al-Thani. HE Sheikh Faisal bin Thani bin Faisal Al-Thani delivered a speech on behalf of the Arab Group during the opening session of the ministerial meeting of the Committee. In his speech, he emphasized the pivotal role played by the Arab Group within COMCEC, through joint coordination to enhance economic and trade cooperation under the umbrella of the Organization of Islamic Cooperation. This contributes to strengthening ties between member states and enabling them to confront regional and international economic challenges in a spirit of solidarity and collective action. His Excellency noted that the meeting is being held amidst numerous challenges facing the Islamic world, emphasizing the importance of unifying efforts and strengthening joint action to consolidate security and stability, create a supportive environment for comprehensive and sustainable development, and achieve prosperity for the peoples of the region. He also stressed that global economic transformations require member states to join forces and strengthen economic and trade cooperation under the COMCEC umbrella, with the aim of advancing joint Islamic action and enhancing intra-Islamic trade by removing obstacles and overcoming challenges to raise the level of trade and investment exchange among member states. His Excellency explained that despite the crises that member states' economies have witnessed in recent years, projections indicate that the GDP of the Organization's member states will increase by approximately USD 2 trillion between 2025 and 2026, growing from USD 29.7 trillion in 2025 to USD 31.6 trillion in 2026, representing an increase of 6.38 percent. His Excellency added that the efforts of member states to diversify their economies, increase domestic production, enhance regional cooperation, and implement the Trade Preferential System have contributed to a 13.56 percent increase in intra-OIC trade, rising from US$883 billion in 2023 to US$1 trillion in 2024. The share of intra-OIC trade in total foreign trade also increased from 19.16 percent in 2023 to 20.36 percent in 2024, representing a 6.26 percent increase. In this context, HE the Minister of Commerce and Industry commended the significant efforts of the Republic of Turkiye in promoting joint Islamic action and implementing the COMCEC Strategy and its Ten-Year Program of Action 2016-2025. During the meetings of the 41st session of the Standing Committee for Economic and Commercial Cooperation, the report on the implementation of the COMCEC Strategy and the OIC Executive Program 2025 were discussed, along with a review of global economic developments and their impact on member states. The meetings also addressed a number of topics, including strengthening financial cooperation among member states, improving transport and communications, developing the tourism sector, increasing agricultural production and ensuring food security, cooperation in digital transformation, and exchanging views on "Improving Export Strategies in OIC Member Countries." In addition, the meeting discussed several topics related to intra-OIC trade and explored ways to enhance the role of the private sector in economic cooperation among member states. In this regard, the Islamic Chamber of Commerce, Industry and Agriculture and the Islamic Centre for Development of Trade presented reports on the most recent developments in private sector meetings. It is worth noting that the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), established in 1981, is the primary platform for multilateral economic and trade cooperation in the Islamic world. On the sidelines of the meetings, HE Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al-Thani, met separately with HE Minister of Trade of the Republic of Turkiye Omer Bolat, HE Minister of Investment and Foreign Trade of the Arab Republic of Egypt Hassan Al Khatib, and HE Minister of Trade of the Republic of Iraq Atheer Dawood Al Ghurairi. Discussions during the meetings dealt with bilateral cooperation relations between the State of Qatar and these countries in the fields of trade and investment and ways to develop and strengthen them. (QNA)
