Finally, muslim countries are taking steps to help each other and grow economically like our great ally China.
Only Economic independence will make muslim countries free from Gora imperialism.
PUTRAJAYA, Malaysia (Reuters) - Muslim nations moved closer to forming a free trade area on Monday, with plans to adopt tariff-cutting steps by end-2005 to bridge a gap between oil-rich and poor members of the Organization of the Islamic Conference.
“This is an important first step toward the larger goal of greater economic integration among the OIC countries,” the group’s chairman, Malaysian Prime Minister Abdullah Ahmad Badawi, told an OIC trade forum.
Abdullah said OIC countries were negotiating to establish a preferential trading system to boost trade with each other.
“The protocol is expected to be finalized in November,” Malaysian Trade Minister Rafidah Aziz said. “The negotiations are now regarding tariff reduction modalities and implementation period. It will cover 7 pct of total tariff lines.”
OIC nations account for just 8 percent of global trade, and trade within the bloc amounts to 13 percent of the grouping’s total trade, she said.
LOWERING OF TARIFFS
“There’s a three-staged lowering of tariffs,” Rafidah added, describing the OIC measures. “Increasingly, we will be offering market access duty-free to each other in the longer-term.”
Morocco urged the OIC to use the trade pact as the basis for a free trade area.
“It is imperative to establish a free trade area among member states in the short term,” said Rahmouni Houcine, deputy director general of the Islamic Center for Development of Trade based in Morocco, adding that it could be set up within 10 years.