Malaysia reaffirms commitment to D-8 economic cooperation revival
The Ministry of Investment, Trade and Industry (MITI) highlighted the D-8 Preferential Trade Agreement (D-8 PTA) as a key initiative, effective since October 2023.
'Malaysia and Indonesia act as bridges connecting D-8 to ASEAN and APEC markets, while Egypt and Nigeria provide access to Africa,' MITI stated.
Iran, Pakistan, and Bangladesh serve as gateways to South and Central Asia, according to the ministry's parliamentary reply.
The statement addressed Datuk Seri Dr Ahmad Samsuri Mokhtar's query on D-8 revival strategies for tourism, food security, trade, and renewable energy.
MITI supports upgrading the D-8 PTA into a Comprehensive Economic Partnership Agreement (CEPA) to include services and investment.
The D-8 Roadmap 2020–2030 aims to boost intra-trade to US$500 billion by 2030, up from US$157.06 billion in 2024.
Malaysia leads initiatives like the D-8 Centre for Creative Economy and Finance in Kuala Lumpur to foster digital trade.
The D-8 Payment Card (D-8PC) will streamline transactions and encourage investment among member states.
MITI leverages the Malaysia International Halal Showcase (MIHAS) to expand halal trade opportunities within D-8.
Collaborations with D-8 bodies focus on tourism, aviation, and high-value agricultural commodities like palm oil and rice.
Joint investments in solar energy, biomass, and clean energy technologies are also prioritised.
The D-8, formed in 1997, comprises Malaysia, Egypt, Indonesia, Iran, Bangladesh, Nigeria, Pakistan, and Türkiye.
Its goal is to enhance economic development among member nations. - Bernama
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