TEHRAN, Nov. 11 (MNA) Irans minister of mine, trade and industry has proposed establishment of Islamic countries common markets.Mohammad Reza Nematzadeh, who was speaking on the sidelines of the seminar of Islamic Corporation for the Insurance of Investment and Export Credit in Aman, Jordan, said that the establishment of such common markets, despite the oppositions and difficulties, would boost trade among Islamic countries.
Islamic countries have 25 per cent of the whole landmass, which houses 12 per cent of the world trade; while much of the energy and hydrocarbon sources of the world is discovered in these countries; however, only a fraction of trade is conducted in these countries rich in resources, said Nematzadeh, ample capacities and grounds are on the place for Islamic countries to cooperate on; only a political will could facilitate relations with the rest of the world, he added.
Foreign trade rules such as trade tariffs should be changed in order to facilitate the trade among these countries; currently, Iran, Turkey and Pakistan set the preferred agreed tariffs on bilateral trade, he held.
Nematzadeh proposed establishment of common markets for Islamic countries and pointed out that improved technological capabilities could be a necessity for facilitation of the trade. Export insurance firms are to accept risks uncommitted to by banks and other insurers; a consortium should be established as well to cover higher risks, he suggested.
Iran has many stakes in attending Amans Union, which was founded in 2009; Iran could exploit other members potentials in trade, Nematzadeh said.
European countries established the EU after the Second World War; on the onset, it was a difficult enterprise; it is however possible for Islamic countries, provided that they show strong resolution in working out the common market, he emphasized.
By Mehr News Agency
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