Amb. Isiaka Imam, Secretary-General, D-8, Organisation for Economic Cooperation, says the organisation is focusing on achieving a target of 500 billion dollars in intra-trade among member countries by 2030.
Imam disclosed this at the 8th Session of Supervisory Committee of D-8 Preferential Trade Agreement (8th SC PTA), in Abuja on Monday.
According to him, this target is part of the D-8 decennial roadmap, which oulines the organisations’ goals for the period of 2020 to 2030.
“In 2023, intra-D-8 trade reached approximately 146 billion dollars, representing only seven per cent of the total external trade of the D-8 member-states.
“In other regional blocs, intra-group trade typically ranges from 15 per cent to over 30 per cent.
“The D-8’s intra-trade share of seven per cent signals a significant under-utilisation of our collective potential.
“This persistent low percentage highlights a significant opportunity to intensify our efforts to do more, to reach the target of 10 per cent of the D-8 global trade value, set by our leaders,” he said.
Imam said that the best time for the D-8 PTA, to be used, to help shield member-states’ economies, should be now.
He said that for the PTA to be more impactful, in the face of rapid changes in the global economic landscape, more work needed to be done.
“It is based on this premise, I wish to, respectfully, propose the following measures to strengthen and modernise the PTA.
“The first is the adoption of electronic customs systems, and single-window platforms, which can significantly reduce transaction costs and improve transparency.
“The D-8 may consider launching a feasibility study to explore such digital trade facilitation tools, relevant to our needs.
“Also, a clearer and more flexible rules of origin can reduce compliance burdens and encourage greater use of the PTA,” he said.
Dr Jumoke Oduwule, Minister of Industry, Trade and Investment, said that the meeting came at a time when regional cooperation and economic integration must be accelerated to meet the demands of a rapidly evolving global landscape.
Oduwole said that there was significant progress in domesticating the PTA and aligning national trade policies
with its provisions.
“Our recent ratification efforts and
inter-agency coordination underscore our resolve to lead by example in deepening regional economic integration,” she said
The minister urged the committee to adopt a results-oriented approach to the
deliberations.
She also advised the committee to emerge from the session with actionable outcomes, clear timelines, and mechanisms for accountability.
She urged the committee to fast-track the implementation of tariff concessions and rules of origin across member states.
Oduwole urged the committee to enhance the engagement of the private sector, the true engine of trade by facilitating access to information, trade opportunities, and finance.
“We must strengthen technical cooperation and knowledge exchange to
support Micro, Small and Medium-size Enterprises (MSMEs) improve standards and build industrial capacity.
“We must foster institutional mechanisms that encourage trade in services, digital trade, and investment promotion within the D-8 space.
“We also need to prioritise youth and women in trade, as we build inclusive economies that harness the full potential of our populations,” he said.
Oduwole however, urged the committee to take a pragmatic, forward-looking approach.
According to her, we must move beyond
procedural conversations and focus on concrete action to elevate the D-8 PTA from a promising framework to a living instrument for economic transformation.
“Your steadfast contributions have made today’s meeting a reality and will continue to shape the outcomes we seek.
“Our shared success lies, not just in the texts we ratify, but in the
lives we impact,” she said.
Amb. Nura Rimi, Permanent Secretary of the ministry, said that Nigeria remained committed to the objectives of the D-8 and was active in the realisation of its trade and development aspirations.
“We believe that through collective action, practical policy reforms, and mutual support, the PTA can unlock significant opportunities for our private sector and citizens alike.
“One way of doing this is through the embrace of digital trade, and Nigeria will like to champion this cause in the D-8,” he said. .
The News Agency of Nigeria (NAN) reports that the D-8 Organisation for Economic Cooperation comprises eight developing countries with significant economic potential.
It aims to promote intra-regional trade and economic cooperation among member states.
