ISTANBUL: Commerce Minister Jam Kamal called for stronger economic solidarity, better access to trade financing and coordinated efforts to boost intra-OIC trade at the closing session of the 42nd COMCEC Ministerial Session.
Speaking on behalf of the member states of the Organisation of Islamic Cooperation (OIC), Mr Kamal said growing geopolitical tensions, supply chain disruptions, financial vulnerabilities and increasing protectionism had made economic cooperation and collective action among Islamic countries more important than ever.
Addressing the high-level gathering chaired by Vice President of Türkiye Cevdet Yilmaz, he thanked the government and people of Türkiye for their warm hospitality and excellent arrangements. He also acknowledged the contributions of the COMCEC Coordination Office and OIC institutions towards the successful conduct of the session.
The minister said OIC countries possessed significant economic potential, geographical advantages, human resources and natural endowments that could be transformed into shared prosperity through stronger partnerships and coordinated policies.
He observed that while OIC member states had made considerable progress in sustainable development, technological advancement and economic prosperity over the decades, emerging global challenges required them to work together and develop practical solutions suited to their circumstances.
Highlighting the session’s outcomes,Mr Kamal said the deliberations identified key areas for collective action, including intra-OIC trade, transport connectivity, sustainable tourism, agricultural productivity, food security, poverty alleviation and digital transformation.
Referring to the session’s priority theme, Developing Effective Trade Financing Tools for Increasing Exports in the OIC Member Countries, he stressed that affordable, diversified, and sustainable trade financing was essential to improve export competitiveness, expand international trade, and accelerate economic growth.
He pointed out that exporters, particularly micro, small and mediumsized enterprises (MSMEs), continued to face difñculties accessing suitable financing because of fragmented regulatory frameworks, high collateral requirements, transaction costs and lengthy administrative procedures.
To address these challenges, the commerce minister outlined five priority areas requiring closer cooperation among OIC member states.
He emphasised the need to strengthen and harmonise national legal, regulatory and supervisory frameworl(s to facilitate cross-border transactions and improve access to trade financing.
He also called for diversified trade financing instruments, stronger export credit guarantee mechanisms, and innovative financial arrangements tailored to exporters’ needs, particularly MSMEs and technology-driven enterprises.-APP