DHAKA, July 27, 2022 (BSS) - Bangladesh will remain chair of the D-8 for another year while the Preferential Trade Agreement (PTA) among the bloc's member states is likely to be operational by this year.
 
"Seven member states other than Egypt have ratified the D-8 PTA ... Egypt has announced at today's meeting that they will ratify the PTA soon," Foreign Minister Dr AK Abdul Momen told media in a briefing on the outcome of the D-8 Ministerial meeting at a city hotel today.
 
Momen also informed that Bangladesh will continue the D-8 presidency for another year as Egypt will remain busy with Conference of the Parties (COP 27).

"They (Egypt) made a special request. We have no objection. Other member states also agreed. This is good news for us," he said.

Regarding the PTA, Momen said that the ratification of D-8 PRA by Egypt would help boost intra-trade.

The volume of intra-trade among the D-8 member states at the time of establishment was $14 billion, which has now reached $129 billion.

The foreign minister expressed his hope that the intra trade among the D-8 member states will increase by 10 times within the next 10 years.

 "There is no reason that we can't achieve it," he added.
 
The D-8 Preferential Trade Agreement (PTA), signed on 13th May, 2006 in Bali, Indonesia is regarded as one of the most tangible outcomes of D-8 cooperation in trade.

Momen talked about tariff barriers and hoped that those barriers will be removed to help boost trade among the member states.

He said there has been discussion on Azerbaijan's inclusion and there was no objection from any country. "But we have to develop the procedures for inclusion of new members," he said.

The foreign minister said the D-8 energy ministers' meeting would be held soon but the date is yet to be fixed.

Director General (International Organisations wing) Wahida Ahmed and DG (Public Diplomacy wing) Toufique Hasan were also present.

D-8, also known as Developing-8, is an organisation for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.