Muslim nations urged to promote innovation-based research

ISLAMABAD: Muslim countries should promote innovation-based research to break the economic inertia, a minister said on Tuesday.   

Commerce Minister Khurram Dastgir Khan, speaking at the ‘12th World Islamic Economic Forum (WIEF)’, being held in Jakarta, said the lack of research is hindering the economic development of poor masses in the Muslim world.

The Forum will conclude on August 4. 

Prime Minister Nawaz Sharif nominated Khanto represent Pakistan on his behalf at the forum.

The forum was inaugurated by Joko Widodo, President of the Republic of Indonesia, while Dato’ Sri Mohd Najib Tun Abdul Razak, Prime Minister of Malaysia and Patron of the WIEF Foundation, gave the special address. Leaders and representatives of Kuwait, Qatar, Bangladesh, Nigeria, Algeria, Tajikistan, Jordan, Guinea, Sri Lanka, Vietnam, Thailand, South Africa, and Islamic Development bank also spoke at the inaugural session.

The minister would also deliver letters of thanks from the Prime Minister of Pakistan to the President of Republic of Indonesia and the Prime Minister of Malaysia who had invited the PM to the Forum.

Khan in his speech at the inaugural plenary said, “We are suffering not only from pervasive poverty of our people but also from a poverty of ideas to facilitate our private sector within OIC behind our borders, at our borders, and beyond our borders.”

The minister, while emphasising the pressing need for equal opportunities for the Muslims, said the Muslim world has to empower future businesses by de-centralising growth so that the bounties of economic progression may stretch till the tail end of the economic strand.

He said that Pakistan was committed to strengthening intra-OIC economic and trade cooperation to further the cause of economic integration of Muslim states, leading to the establishment of an Islamic Common Market.

Khan detailed the efforts of Pakistan made to integrate itself with the Muslim world in trade, logistics and economic cooperation. Trade Preferential System among the Member States of the OIC (TPS-OIC) is one of the most important projects of the Organization to foster intra-OIC trade.

This system is based on three agreements, namely the Framework Agreement, the Protocol on Preferential Tariff Scheme (PRETAS) and the Rules of Origin.

The Minister said that Pakistan has already signed and ratified the required three agreements pertaining to TPS-OIC and submitted the concession list to the OIC Secretariat.

He said that Pakistan has also been pursuing trade partnerships with OIC member countries through Preferential Trade Agreements, Free Trade Agreements and various other bilateral arrangements.

He informed the audience that Pakistan has signed and ratified the WTO Agreement on trade facilitation, which reflects the country’s commitment to a transparent, simple, de-regulated, and private sector driven business environment.

The minister emphasised the need for more frequent interaction among policy makers and the private sector of the Muslim world.

He said that Pakistan offers its fullest support to initiatives for the liberalisation of trade, investment, and services, as well as travel facilitation between Islamic countries

Khan urged the Muslim world to join hands for deeper trade liberalisation among ourselves, and for more extensive technical and knowledge collaboration in other fields of the economy.