Enhancing trade ties with Islamic countries urged

F.P. Report

PESHAWAR: The Chairman Council of OIC Federation of Pakistan Chamber of Commerce and Industry Haji Naseem ur Rehman stressed the need for enhancing bilateral economic ties and trade relations between brotherly Islamic countries.

While chairing the first meeting of FPCCI OIC Council Haji Naseem ur Rehman said that soon in Pakistan Islamic trade fair of Islamic countries will be organized.

The meeting was also attended by President Federation of Pakistan Chamber of Commerce and Industries Ghazanfar Bilor.

The meeting discussed the agenda related to the single currency trade, to make strong linkages with Islamic Development Banks, to organize Islamic Trade fair in Pakistan and to make website for FPCCI council on “OIC”.

By opening meeting remarks Rehman welcomed the members of council and President FPCCI. Rehman said the Muslim countries had enormous resources and potential to succeed, but the task was to transform the potential into real asset. Promotion of economic linkage within the Muslim communities by creating opportunities could help generate greater flow of capital from within and beyond the Islamic world.

He further stated that there was great need to promote integration amongst the Islamic Countries in the era of globalization and absence of unity among the OIC countries which is the biggest challenge in the present situation.

He said that single currency will eliminate transaction costs, which are linked to international financial operations. This will affect both: ordinary citizens who plan to spend money abroad and multinational corporations undertaking international transactions. Different currencies create a lot of inconveniences and barriers. Exchanging one currency for another always involves currency exchange fees, as banks, which provide such currency exchanges, require commissions for their services. In the scale of countries or even monetary unions such expenditures on currency exchange fees may reach high amounts. The council will work for single currency trade among oic member Islamic countires.

The meeting was attended by the members Khalid Tawab from Sindh,Omar Masood from Khyber Pakhtunkhwa,Shaheryar Iftikhar Malik from Punjab,Zulekha Aziz from Balochistan and Shakeel from Gilgit Baltistan.