About D-8 Organization Of Economic Cooperation
The Developing-8 Organization for Economic Cooperation, also known as D-8, is the global organization which constitutes a combination of 8 OIC countries, comprising Bangladesh, Egypt, Nigeria, Indonesia, Iran, Malaysia, Pakistan and Turkey. D-8 is a forum with no adverse impact on bilateral and multilateral commitments of the member countries, emanating from their membership to other international or regional organizations.
D-8 covers a combined population of about 1.1 billion or 65% of all Muslims, or close to 15.7% of the world's population and covering an area of 7.6 million square kilometers, 5% of world land area (2015). In 2006, trade between the D-8 member states stood at $35 billion, and it was around $68 billion in 2010. D-8 countries witnessed an increasing trend in economic activity and their GDP increased from US$8.4 trillion in 2011 to US$10.3 trillion in 2015. Annual GDP growth of D-8 countries are forecasted between the region of 4%-5%, whereby the services sector shall record the highest contributor, followed by industrial sector, agriculture, fishing and forestry.
D-8 Organization for Economic Cooperation are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living.
Objectives, Focus Areas & Sustainability Program
Immediate sustainable economic development program:-
D-8 and Al-Hidayah Group has signed a “Statement of Intent” (SoI) on 14.12.2018, whereby AHGC and D-8 established the S.O.I. in order to design and formulate the economic mechanism and integrated approach for improving the standard of living, sustainable development programme among D-8 member states.
The S.O.I. mentioned both parties shall encourage the following activities to promote sustainable economic development programmes:-
● AHGC will set-up an International Foundation in Labuan
● AHGC will make the necessary arrangements to support the activities of the foundation, the development of a Center of Excellence, named as W.I.C.E. and the establishment of a Waqf Development in Labuan, Malaysia
● AHGC will provide the premises facility called D-8 Creative Economic Financial Center (D-8 CEFC), located at Jalan Ampang, Kuala Lumpur which can serve as new avenue in creating a center of Finance and Trade exchange among D-8 citizens, as well as inviting the D-8 Organization in all events, programmes and activities organized by D-8 CEFC.
D-8-AHGC Framework of Collaboration
The Cooperation Framework endorsed by the D-8 Commission will consist common development philosophy, common development thrusts, agreement on trade and payment cooperation, as illustrated below:-
Development Philosophy --- sustainable economic growth, reduction of absolute poverty and economic inequality;
Development Focus --- Economic diversification, human capital and skill development, education, health and housing development, small and medium scale enterprises and food production;
Implementation Machinery --- Establishment of long term and medium term development plans, annual budgeting and planning machinery at the country level;
International Cooperation --- The D-8 Secretariat will be strengthened with professional and technical staffs for coordination and cooperation. The Secretariat will delegate its coordinating functions to AHGC which is ready to undertake initial coordination work at the direction and supervision of D-8 Secretariat. A Programme Execution Document (PED) will be signed between the secretariat and AHGC so as to carry out the stated activities in the PED.