Home ›› 28 Jul 2022 ›› Governance
Prime Minister Sheikh Hasina on Wednesday stressed the need for working together to harness D-8 countries’ potential to become a powerful economic block.
She also placed a five-point proposal that included implementing preferential trade agreement (PTA) among the member states to maximise use of business prospects and opportunities to double the intra-D-8 trade from 129 billion dollars in the next decade.
The premier was virtually addressing the 20th D-8 Council of Ministers at a city hotel commemorating the 25th anniversary of its establishment, joining from her official residence Ganabhaban.
She said, “Therefore, let us work together to provide the impetus for harnessing our potentials towards a prosperous future.”
She expressed her happiness because Bangladesh is celebrating this historic moment as the Chair of the Organization.
The prime minister said the D-8, established twenty-five years ago, is now poised to deliver its goal of economic development through creating synergies.
This is possible through political commitment and meaningful cooperation of the group’s public and private sectors, she said.
She added:”The immense possibility that we have, if realized properly, will heighten our power as an economic bloc.”
The premier said she is happy to hear that the D-8 countries that included Bangladesh, Pakistan, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Turkey, are finalizing the D-8 Preferential Trade Agreement.
“It will help harmonize the intra-country trade, liberalize the barriers, and stimulate trade and economic cooperation among the member states,” she continued.
She expressed her satisfaction as chamber representatives, business people, entrepreneurs from different member states have participated in the 2nd D-8 CCI General Assembly and in the Business Expo on the sidelines of the Ministerial Session.
“While we were all reeling from the aftermath of the Covid-19 pandemic, the Russia-Ukraine conflict has pushed the world in a fresh danger,” she said.
The conflict and, the subsequent sanctions and counter-sanctions have disrupted the production and supply of food, fertilizer, energy and power, and other commodities, she added.
The premier said countries like Bangladesh have been bearing the brunt of the impacts of the war the most and prices of essentials have gone beyond the purchasing capacities of the most of people.
“We should all come forward to bravely address this looming humanitarian crisis,” she added.
The prime minister said the world is passing through a difficult time due to Covid-19 pandemic, conflicts, food and energy crisis, climate change and natural disasters.
“So, need for strengthened multilateral cooperation and global solidarity deserves more attention than ever to this end,” she opined.
Sheikh Hasina said the D-8 countries have been collaborating in the six thrust areas.
She said she placed five proposals to take into consideration by the D-8 leaders as the D-8 is celebrating the 25th anniversary, adding, “It should formulate some specific focus areas for the next decade.”
In her first proposal, she said implementation of the PTA is an important element for a successful D-8 as the states have large domestic markets and a combined market which is also considerable.
“Intra-D-8 trade will help accelerate our business prospects and opportunities. It should be our goal to double the intra-D-8 trade from 129 billion dollars in the next decade,” she said.
Secondly she said, “Bangladesh is ready to provide space at our Special Economic Zones for investment of the member states. If we begin the process now, within the next decade, we will have a robust D-8 Economic Zone.”
In the third proposal, the premier said ICT is an area that has immense prospects. The youths of the D-8 countries can be turned into formidable workforce, she continued.
About 70% of Bangladesh’s population is under 40 years and we have 650,000 registered IT freelancers, she said.
“We can use this huge manpower to create IT based industry and involve the youth in various economic activities,” she added.
In her fourth proposal she said, the D-8 should concentrate on diversified agriculture production to ensure food security and steady food supply.
“Bangladesh is ready to share her best practices and experience with other D-8 member states. We should focus on agriculture production to become self-sufficient in food production within the next decade,” she added.
In the last proposal, the prime minister said that all the D-8 member states should be careful about energy usage and the necessity of alternate energy sources.
“I propose that the D-8 focuses on developing capacity by involving other countries who have expertise in alternate energy,” she continued.
The establishment of D-8 was announced officially through the Istanbul Declaration of Summit of Heads of State/Government on June 15, 1997.
