Economic forum calls for Islamic common market

Economic forum calls for Islamic common market

Agence France-Presse, Kuala Lumpur

The first World Islamic Economic Forum on Monday called for the
establishment of an Islamic common market and floated a series of
initiatives to boost business cooperation amongst Muslim nations.

A declaration issued at the end of a three-day meeting listed
the initiatives and urged the 57 governments of the Organization
of the Islamic Conference (OIC) to facilitate trade and business
environments.

Delegates called for governments to "consider the
establishment of an Islamic Free Trade Agreement through regional
and sub-regional FTAs in a step-by-step, time-bound process that
would ultimately lead to an Islamic Common Market," said the
declaration.

Co-chairman of the forum, Musa Hitam, said a free trade accord
signed by OIC member countries would be a "realistic" step
towards achieving an Islamic common market, a long-held vision of
the OIC.

"That resolution reflects a recognition on the part of the
business community of the difficulties, the patience, the care
that needs to be paid attention to before we can realize this
idea of free trade within the OIC community," he told reporters.

The forum, which had debated poverty alleviation in Muslim
countries, called for a private-sector sponsored World Islamic
Economic Development Corporation to promote investment and
infrastructure projects in OIC countries.

It also floated plans for a global Islamic businesswomen's
network and an education trust to be funded by Muslim
entrepreneurs emphasizing science and information technology
arenas.

The forum pledged to "establish relevant task forces each led
by a prominent Islamic business leader to develop specific
practical implementation plans" for the initiatives.

Musa said Muslim business communities had to lead the way in
boosting economic cooperation and that the task forces would meet
in six months in Pakistan to assess their progress.

The declaration was delivered to Malaysian Prime Minister
Abdullah Ahmad Badawi, also the current chairman of the OIC.

Abdullah hailed the forum and urged delegates to step up
efforts to promote investment and trade amongst OIC countries,
rather than relying on rhetoric.

"If we just talk and there is no implementation, nobody will
take us seriously," Abdullah said in a closing speech.

Calling for greater economic co-operation amongst OIC
countries, Abdullah said intra-OIC trade made up a paltry six to
seven percent of global trade, with many poorer nations left out
of the loop.

"Member countries often place a heavier emphasis on trade with
industrialized, non-OIC countries. Of course, this has led to the
poor performance of intra-OIC trade," he said.

The forum, which gathered over 500 delegates from 44 countries
including government officials and business leaders, was billed
as the Davos of the Muslim world, after the World Economic Forum
in Davos, Switzerland.

Delegates have agreed to establish a permanent secretariat in
Kuala Lumpur and to make the forum an annual event, with the next
meeting slated for 2006 in Pakistan, to be alternated with
Malaysia, said Musa.

Forum organizers include Malaysia's foreign affairs ministry,
Pakistan's Islamic Chamber of Commerce and Industry, Morocco's
Islamic Center for Development and Trade and Malaysian think tank
the Asian Strategy and Leadership Institute.