Sisi: Egypt to ratify D-8 Preferential Trade Agreement
President Abdel Fattah El-Sisi announced on Thursday Egypt’s plans to ratify the Preferential Trade Agreement (PTA) under the D-8 Organisation for Economic Cooperation, underscoring the nation’s commitment to enhancing trade among member states.
Founded in 1997, the Developing-8 (D-8) comprises Egypt, Türkiye, Iran, Indonesia, Pakistan, Bangladesh, Nigeria, and Malaysia, with the aim to foster economic collaboration among developing nations.
The PTA targets promotion and expansion of trade through tariff reduction and elimination of non-tariff barriers (NTBs)
The announcement was made during the opening session of the 11th edition of D-8 Summit, held in Egypt’s New Administrative Capital under the theme Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.
During the inaugural session, President Sisi assumed the rotating presidency of the D-8 organisation, as per the presidential spokesperson statement. Highlighting Egypt’s dedication to sharing its successful developmental experiences, he referenced initiatives such as Hayah Karima (Decent Life) and Takaful and Karama programmes, alongside transformative projects in infrastructure and urban development.
New Initiatives to Foster D-8 Cooperation
To strengthen mutual cooperation among member countries, President Sisi announced four key initiatives under Egypt’s presidency of the bloc:
- Diplomatic Training Network: Launching a network for directors of diplomatic institutes to promote collaboration and enhance the capacity of diplomats to address modern challenges.
- Global Student Challenge: Introducing an electronic competition for pre-university students across member states, focusing on science, engineering, and technology.
- Economic Think Tank Collaboration: Establishing a network of economic think tanks to share insights on boosting investment and trade among D-8 countries.
- Health Sector Innovation: Hosting periodic health ministers’ meetings, with Egypt organising the first in 2025, to explore advanced technological solutions for healthcare development.
President Sisi reaffirmed Egypt’s commitment to fostering meaningful economic cooperation and leveraging collective resources to shape a prosperous future for member states.
Amwal Al Ghad English
Subediting: M. S. Salama
