D-8 Organization for Economic Cooperation convenes conference to unveil new NGBT


(MENAFN) The D-8 Organization for Economic Cooperation convened a significant conference in Istanbul on Wednesday to unveil the "New Generation Barter Trading System" (NGBT), aiming to bolster trade and economic cooperation among its member states. Mustafa Tuzcu, Turkish Deputy Trade Minister, highlighted the economic potential of the D-8 member states, which collectively boast a USD5 trillion economic size and a trade volume of USD2.5 trillion.

Tuzcu outlined the organization's ambitious 10-year plan to elevate intra-D-8 trade to at least 10 percent, underscoring the concerted efforts made over the past two years to achieve this goal. Emphasizing resilience amidst global disruptions such as conflicts and pandemics, he affirmed solidarity among member states and their capacity to influence the global economy.

The NGBT initiative, according to Tuzcu, represents a pivotal opportunity for D-8 countries to streamline trade and facilitate investments among themselves. Isiaka Abdulqadir Imam, Secretary-General of the D-8, highlighted the organization's significant demographic and economic footprint, representing 1.3 billion people and contributing USD4.8 trillion to global GDP in 2022.

Imam noted the substantial growth in intra-D-8 trade, which surged from USD15 billion in 1997 to USD147 billion in 2023, underscoring the potential impact of the NGBT in further boosting trade volumes to an estimated USD50 billion within a decade. The introduction of the NGBT responds to a call made by Turkish President Recep Tayyip Erdogan during the 2017 Istanbul summit, aiming to enhance economic ties and cooperation among member states.

The conference, organized in collaboration with Turkish firm AS Holding, attracted high-level participation including government officials, private sector representatives, and academic leaders. The event served as a platform to garner stakeholder support and ensure smooth implementation of the NGBT, signaling a renewed commitment to fostering economic integration and growth within the D-8 organization.

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