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D-8 summit ends with agreement on economic cooperation

The seventh edition of D-8 summit of developing nations ended here on Friday with the signing of a pact on three multilateral agreements to further economic cooperation and mutual engagements among member states.



Abuja: The seventh edition of D-8 summit of developing nations ended here on Friday with the signing of a pact on three multilateral agreements to further economic cooperation and mutual engagements among member states.

The three agreements are the simplification of visa procedures for businesspersons of D-8 member states, the preferential trade agreement and the multilateral agreement on administrative assistance in customs matters.

"Only the agreement on simplification of visa procedures for businessmen has entered force even though three states are yet to ratify it," Malaysia`s Deputy Prime Minister Tan Sri Muhyiddin Yassin said while handing over of the leadership of the D-8 to Nigeria`s President Goodluck Jonathan.

The preferential trade agreement which was supposed to be the blue-chip of the economic cooperation accord was ratified by two countries, Malaysia and Iran, he added.

"The D-8 should be looking at real economic collaboration and supporting investments and economic ventures to enhance our economic cooperation objectives.

"The trade statistics among D-8 countries may appear to be positive but the success may be mainly due to existing bilateral trade initiatives rather than benefiting from the cooperation and initiatives of the D-8," he said.

Earlier, the Iranian President Mahmoud Ahmadinejad who addressed a press conference at the meeting attended by leaders from Bangladesh, Iran, Turkey, Egypt, Malaysia, Indonesia, Pakistan and Nigeria said: "What are the reasons behind the emergence of an economic melt down and crisis in the world."

"The Western nations have committed acts of plundering of the economies of the world. They are disappointed in continuing the aggression and plundering of the wealth of nations," he said.

He said the Western powers employs colonial tactics in dealing with the weaker nations and tries to bring them under their perpetual control.

"These same countries have planned to dominate the whole world and bring every thing under their own control. They have no respect for other nations. And during the time of colonialism, they plundered the wealth of nations, character of nations and the spirit of nations," the Iranian leader said.

Ahmadinejad said the resolution of the UN to impose sanction on his country because of nuclear quest can not deter Iran from pursuing its interest in nuclear energy.

He noted that Iran is not interested in the nuclear power race.

Their meeting in the oil-rich African country is meant to boost the economic co-operation between member countries.

PTI

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