The Organisation of Islamic Cooperation (OIC) considers developing ways to strengthen their economies in preparation for any potential financial shocks as the Covid-19 pandemic hits national and global economies.
The OIC member states were urged to “devise adequate policies and measures to increase their economic resilience to future shocks” in the resolution that the Standing Committee for Economic and Commercial Cooperation (COMCEC) approved on Tuesday at the end of its three-day meeting.
Vice President of Turkiye Fuat Oktay presided over the final meeting.
Based on the report “OIC Economic Outlook 2022: Achieving Sustainable and Resilient Recovery Post Covid-19 Pandemic,” the proposal to the 57-member Muslim bloc was made.
Turkiye presented a brief intervention in the resolution text after Pakistani diplomat Husham Ahmed, the meeting’s rapporteur, had read the resolution. Turkiye urged the Muslim bloc to “increase intra-OIC trade” under the Trade Preferential System, which went into operation in July.
The motion was unanimously approved.
The OIC member states are encouraged in the resolution to “help and strengthen Al-Quds’ resilience and gather the required money by adding the smallest unit of national currency for member states to the monthly fee for fixed and mobile phone service subscribers,” according to Palestine.
The resolution announced that Borsa Istanbul, the OIC Exchanges Forum’s secretariat, will host the forum’s 17th meeting in 2023, commending the OIC institutions’ efforts to assist the member nations in their attempts to mitigate the negative impacts of the Covid-19 pandemic.
The Turkish Central Bank was cited as having proposed to host the forum’s fifth meeting in 2023 as the secretariat of the OIC-COMCEC Central Banks Forum.
The first high-level forum meeting will also be held in Turkiye next year, according to the resolution’s addition.