A Trade Preferential System (TPS) for the Organisation of the Islamic Conference (OIC) ?
Agence de Presse Sénégalaise (Dakar) - 18/03/2008
A deadline for a Trade Preferential System (TPS) has been set by the Organisation of the Islamic Conference (OIC) for the 1st of January 2009, an accord which is expected to be the “starting point to reach the 20 percent ratio in trade” amongst the organisation’s member states, according to a source.
This ratio was set by the Ten-Year Programme of Action which was adopted by the 3rd Extraordinary Session of the Islamic Summit Conference in Mecca during December of 2005, “to promote and reinforce trade liberalisation within the OIC community”.
Presented at the 11th OIC session which ended in Dakar on Friday, a document on “draft resolutions on economic affairs” stated that the Islamic organisation “lauds the successful conclusion of the first and second rounds of trade negotiations for the establishment of a Trade Preferential System among the OIC states (TPS-OIC)”.
The OIC has urged the Trade Negotiations Committee (TNC) member states “to finalise the signature and ratification of the protocol on the Preferential Tariff System (PRETAS) and the original rules of the TPS-OIC by the closest deadline to make the TPS-OIC operational as of 1 January 2009”.
As such, chairman of the Permanent Committee for Economic and Trade Cooperation (COMCEC) and the OIC Secretary-General have been invited “to coordinate their efforts in order to have the quorum of ratifications required for the PRETAS and TPS-OIC original rules to be effective to make the latter system become a reality by the deadline”.
The economic and trade cooperation strategy which was adopted by the COMCEC provides for cooperation between the sub-groups of member states. It is based on principles with focus areas in the private sector, economic liberalisation, integration into the global economy, and the firm nature of economic, political, legal and institutional bodies in member countries along with their international obligations.
A deadline for a Trade Preferential System (TPS) has been set by the Organisation of the Islamic Conference (OIC) for the 1st of January 2009, an accord which is expected to be the “starting point to reach the 20 percent ratio in trade” amongst the organisation’s member states, according to a source.
This ratio was set by the Ten-Year Programme of Action which was adopted by the 3rd Extraordinary Session of the Islamic Summit Conference in Mecca during December of 2005, “to promote and reinforce trade liberalisation within the OIC community”.
Presented at the 11th OIC session which ended in Dakar on Friday, a document on “draft resolutions on economic affairs” stated that the Islamic organisation “lauds the successful conclusion of the first and second rounds of trade negotiations for the establishment of a Trade Preferential System among the OIC states (TPS-OIC)”.
The OIC has urged the Trade Negotiations Committee (TNC) member states “to finalise the signature and ratification of the protocol on the Preferential Tariff System (PRETAS) and the original rules of the TPS-OIC by the closest deadline to make the TPS-OIC operational as of 1 January 2009”.
As such, chairman of the Permanent Committee for Economic and Trade Cooperation (COMCEC) and the OIC Secretary-General have been invited “to coordinate their efforts in order to have the quorum of ratifications required for the PRETAS and TPS-OIC original rules to be effective to make the latter system become a reality by the deadline”.
The economic and trade cooperation strategy which was adopted by the COMCEC provides for cooperation between the sub-groups of member states. It is based on principles with focus areas in the private sector, economic liberalisation, integration into the global economy, and the firm nature of economic, political, legal and institutional bodies in member countries along with their international obligations.
