ITFC inks agreement with Islamic Center for Development of Trade to enhance OIC intra-trade

The memorandum includes areas of cooperation such as trade promotion activities by holding specialized exhibitions, organizing seminars and workshops for businessmen discussing supply and demand of potential trade commodities, and establishing a mechanism for exchanging business information by developing trade media networks.

Following the signing, Dr. Al Wohaib said, "This MoU is the first step in the process of building a strategic relationship between ITFC and the Islamic Center, for our common purpose of trade development and facilitation that will result in an increased volume of intra-trade to assist OIC member countries in achieving sustainable economic development."

In 2009 the ITFC approved trade finance operations which totaled $335m for the construction and foodstuffs sector in Saudi Arabia. The above average yield/return from these operations is expected to allow the ITFC to provide additional funds in future for more developmental trade financing in least developed member countries.

The memorandum includes training seminars and courses for trade specialists in member countries to enhance their skills in trade promotion and facilitate improved technical cooperation between the Corporation and the Center.

The meeting also examined ways to eliminate obstacles that deter intra-trade growth and recommended organizing regional meetings and forums to find solutions to issues and overcome challenges related to trade promotion between member countries.

The Casablanca consultative meeting included the participation of senior representatives of OIC's Standing Committee for Economic and Commercial Cooperation (COMCEC), the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the World Trade Center and the United Nations Conference of Trade and Development. In addition, there were delegates from member countries representing economic and trade organizations, social institutions, and statistcal research and training centers.

The main objective of the consultative meeting was to identify specific actions to be undertaken and/or projects to be implemented by the member countries and OIC institutions in order to put into practice EGM Road Map recommendations to achieve the target of raising the level of intra-OIC trade by 20% by the year 2015 as stated in the Makkah Declaration.