UAE takes part in 32nd Session of COMCEC Standing Committee

The UAE has participated in the 32nd session of the Standing Committee for Economic and Commercial Cooperation of the Organisation of the Islamic Cooperation, COMCEC, at the ministerial level, which opened yesterday in Istanbul.

The two-day session’s agenda focuses on COMCEC Strategy, the 10-year programme of the Organisation of the Islamic Cooperation, and global economic and bilateral trade developments among member countries.

Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary of the Ministry of Economy for Economic Affairs, is leading the UAE delegation which comprises Khalifa Abdul Rahman Al Marzouqi, UAE Consul-General in Istanbul, Nizar Faisal Al-Meshaal, Director of Department of Economic Agreements and Joint Committees, Fatima Al Hammadi from the Department of Economic Agreements, Sumayya Al Janahi, Under-Secretary’s Office, and Amira Abdallah Al Dahmani from the Ministry of Foreign Affairs and International Cooperation.

In his statement, Mr. Al Shehhi said the discussions focused on several important topics and issues vital for all member countries, including new strategies to further develop the Islamic finance sector of the Organisation of Islamic Cooperation, OIC, member countries. The attendees praised the countries with clear and successful Islamic finance strategies such as the UAE, which leads other nations in terms of provision of Islamic finance services.

During the meeting, the participants examined a report whose findings show a 3.1 percent decline in the global economy in 2015 but that it is expected to see an improvement by 3.2 and 3.5 percent in 2016 and 2017, respectively.

The report also reveals a decline in the OIC’s total goods exports for three consecutive years, which amounted to about US$1.6 trillion in 2015 compared with US$2.3 trillion which was the highest registered in 2012.

The trade volume among intra-country members accounted for 20 percent of the total world trade, and the percentage is expected to reach 25 percent in the next period. To achieve the latter, more cooperation and coordination between countries is required.

The volume of the intra-OIC goods trade, on the other hand, amounted to about US$7.9 billion in 2015, intra-exports stood at US$339 billion in 2015 versus US$375 billion in 2014. The value of intra-imports in 2015 declined to US$370 billion from US$400 billion in 2014.