Muslim bloc eyes devising strategies against future economic shocks

ISTANBUL

As the COVID-19 pandemic battered national and global economies, the Organization of Islamic Cooperation (OIC) mulled devising strategies to strengthen their economies for any possible financial shocks.

The resolution adopted at the end of the four-day meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) on Tuesday encouraged the OIC member states to “devise appropriate policies and strategies to strengthen their economic resilience to future shocks.”

Fuat Oktay, Türkiye’s vice president, chaired the concluding session.

The recommendation to the 57-member Muslim bloc was made on the basis of a report “OIC Economic Outlook 2022: Achieving Sustainable and Resilient Recovery Post COVID-19 Pandemic.”

After Pakistani diplomat Husham Ahmed, rapporteur for the meeting, read the resolution, Türkiye proposed a brief intervention in the resolution text, urging the Muslim bloc to “increase intra-OIC trade” through Trade Preferential System which came into effect in July.

The proposition was unanimously adopted.

According to the resolution, Palestine has urged the OIC member states to “assist and strengthen the resilience of Al-Quds and mobilize the necessary funding by adding the smallest unit of national currency for member states to the monthly bill for fixed and mobile phone service subscribers.”

Commending the OIC institutions’ efforts in helping the member nations in their efforts towards mitigating the adverse effects of the COVID-19 pandemic, the resolution informed that Borsa Istanbul, as the secretariat of the OIC Exchanges Forum, will host the 17th meeting of the forum in 2023.

It added that the Turkish Central Bank, as the secretariat of the OIC-COMCEC Central Banks Forum, has offered to host the fifth meeting of the forum in 2023.

Türkiye’s Digital Transformation Office has also offered to host the first high-level forum meeting next year, the resolution added.