RESOLUTION NO. 33/25-E

ON ISLAMIC COMMON MARKET

Compiled By:
Prof. Dr. Mohd. Ma’sum Billah
masum2001@yahoo.com
masum@applied-islamicfinance.com
+6019-3699542

The Twenty-fifth Session of the Islamic Conference of Foreign Ministers (Session for a Better Future for the Peoples of the Islamic Ummah) held in Doha, State of Qatar, from 17 to 19 Dhul Quida 1418H (15-17 March 1998),

Recalling Resolution No. 33/8-E (IS) adopted by the Eighth Session of the Islamic Summit Conference;

Recalling Resolutions 1/24-E, 2/24-E and 6/24-E adopted by the Twenty-Fourth Session of the Islamic Conference of Foreign Ministers;

Taking note that the process of globalization and economic liberalization could offer new opportunities and challenges for all developing countries including OIC member states;

Realizing the existence of vast natural, human and capital resources in the Islamic World which could contribute considerably to the sustained economic growth and sustainable development of the Islamic Countries and to the ultimate objective of establishment of an Islamic Common -Market;

Recognizing that recent developments in the global and domestic economic environment and emerging complementaries among developing countries could contribute towards their economic cooperation, collaboration and integration, including among the Islamic Countries ;

Recognizing also that the inter-regional, regional and sub-regional cooperation among Islamic Countries is an important element of a development strategy, particularly in expanding trade and investment flow and an essential contribution towards the sustained economic growth and sustainable development of Islamic Countries ;

Welcoming the efforts of a number of OIC Member States which have made notable progress in building their potentialities and strengthening their competitiveness on the international markets through active participation in the Global Trade System and attraction of more investments.

Expressing concern that many Islamic Countries have been marginalized in the international economic system, among others, by lack and / weakness of institutional arrangements which are necessary for expansion of their foreign trade and participation in the international financial markets ;

Having taken note of the recommendations of the Twenty-first Session of the Islamic Commission for Economic, Cultural and Social Affairs;

Having taken note of the report of the Secretary General,

1. Emphasizes the importance of implementation of the Strategy and Plan of Action of COMCEC; Agreement on Promotion, Protection and Guarantee of Investments among Member States; General Agreement on Economic, Technical and Commercial Cooperation among Member States; Framework Agreement on the Establishment of the Trade Preferential System among Member States; and Agreement on Islamic Corporation for Insurance of Investment and Export Credit, for strengthening economic and commercial cooperation among Member

States for realization of the ultimate objective of establishment of an Islamic Common market.

2. Reiterates the need for specific arrangements among OIC Member States to take necessary steps to attain their desirable share in the global economic and trading system, including through analyzing the implications of establishment of an Islamic Common Market in this respect.

3. Expresses desire for Member States to extend their cooperation and coordination in the areas of market access, competition policy, transfer of technology and know how, finance, investment and eventually development of an integrated network of information as well as physical infrastructure for achieving the objective of an Islamic Common Market.

4. Invites Member States to formulate concrete proposals for cooperation and coordination in setting up centers of excellence in areas which they are able to unfold potentials for expansion to trade and investment among themselves to develop cooperation in various necessary areas which could facilitate realization of an Islamic Common Market among Member States.

5. Urges the Member States to encourage any initiative by their private sector for expansion of economic, financial, trade and investment cooperation with other Islamic Countries.

6. Stresses the importance of trade fairs and establishment of a network regional free trade zone as basic elements of facilitating the expansion of trade and investment among them in an expeditious manner, with potential contribution towards the objective of establishing an Islamic Common Market.

7. Requests related bodies and institutions of the OIC to prepare studies in their respective areas of competence taking into consideration the Plan of Action within the framework of COMCEC which would serve as Working Paper to facilitate deliberations of the Expert Group that will be established by the Secretary General as per Resolution of the Eighth Islamic Summit to study the implications of establishing an Islamic Common Market as an ultimate objective.

8. Requests the Secretary General to follow up the issue and submit report thereon to the Twenty-sixth Session of the Islamic Conference of Foreign Ministers.