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Rabat hosts the 23rd meeting of the economic advisors of the embassies of the OIC member states

Rabat (UNA) - The Moroccan capital, Rabat, hosted on January 23, 2025, the XNUMXrd meeting of economic advisors to the embassies of the member states of the Organization of Islamic Cooperation accredited to the Kingdom of Morocco.

Ms. Latifa Al-Bouabdelaoui, Director General of the Islamic Centre for Development of Trade, opened the meeting with a speech in which she stressed the Centre’s efforts to enhance trade and economic cooperation among the member states of the Organisation of Islamic Cooperation.

She added: “Our communication meeting is being held amid global aspirations for a recovery in international trade after the contraction it witnessed during 2023 and 2024. International reports indicate expectations of moderate growth in global trade by no more than 3% annually during the next three years compared to 2023.”

She also stressed that “between 2023 and 2024, global trade witnessed a 1.8% increase, with expectations that the services trade sector will be the main driver of this growth, as it is expected to record an increase of 7%.”

She explained that the foreign trade of the member states achieved a remarkable increase of 2024% in 10.41, equivalent to about 5 trillion US dollars of the total global trade.

Regarding the Organization of Islamic Cooperation, she said: “The value of intra-trade among member states amounted to about US$ 1003.72 billion in 2024, representing a share of 20.36% of the total foreign trade of member states, compared to the desired target of 25%. However, it is worth noting that 30 member states have actually achieved this target.”

She explained that these indicators reflect the major challenges we face in light of the current international circumstances, linked to market instability and the effects resulting from rising energy prices and inflation resulting from the global situation.
She added: “We must take into account the new factors affecting the growth of global trade, which are mainly linked to the intensity of international geopolitical tensions, as well as the transformations witnessed by many economic sectors, represented by the emergence of new consumption habits and production methods that are in line with the requirements of the era.”

She stressed that as important as it is to work on overcoming the difficulties associated with all these factors, we look forward to a better tomorrow through optimal exploitation of the growth opportunities provided by the scientific and technological progress achieved by many regions of the world, especially some of the leading member states of the organization.

In her speech, she continued, saying in this regard, we can talk about the benefits and possibilities of exploiting modern technology, especially artificial intelligence, in the production and marketing chain. In addition to opportunities to increase the incomes of women, youth and small and medium enterprises, through e-commerce and modern financial services, as well as focusing on the green and circular economy and encouraging the use of renewable energy as strategic options to achieve sustainable economic growth that ensures quality of life, in addition to investing in education and developing human skills in the field of technology to keep pace with future requirements, and also enhancing independence in vital sectors such as health services and food security, which contributes to reducing dependence on fluctuations in supply and demand for strategic goods and services, as well as establishing trade corridors that would facilitate trade and investment between member states.

She explained that due to the set of constraints associated with the variables of international markets as well as the available opportunities to improve the position of member countries in international trade and increase their ability to attract more foreign investments, the center continues to implement a group of projects within the framework of its strategy adopted during the last four years, which revolve around main programs aimed at meeting the needs of member countries, namely the Trade and Investment Promotion Program, the Trade Facilitation Program, Institutional Training Programs and Private Sector Support, and the Economic Intelligence Program.

She pointed out the great importance that the Centre attaches to digitization within its activities, as model programmes have been allocated to support this trend, including: digitizing land transport documents between member states, the “e-Phyto” project, which aims to simplify foreign trade procedures for agricultural products, and creating an electronic platform dedicated to virtual bilateral meetings SMEs B2B Online in cooperation with the Islamic Development Bank and agencies supporting small and medium enterprises in member states.

The meeting agenda included a review by the Islamic Centre for Development of Trade, in cooperation with its partners from Senegal, Mali, Cameroon, Benin and the Comoros, in addition to the Islamic Development Bank and the Global Alliance for Trade Facilitation, of joint programmes and activities to promote and facilitate trade.

Details were also provided on the exhibitions and forums to be organised during 2025, most notably the 15th OIC Health Exhibition to be held in Senegal from 19-15 April, the 17nd Cotton and Textile Exhibition scheduled to be held in Cameroon from 18-20 July, the OIC Investment Forum in Africa to be held in Mali from 9-12 November, and the Investment Days meeting scheduled to be held in the Comoros from XNUMX-XNUMX September.

The Islamic Centre for Development of Trade stressed its commitment to prioritising activities that focus on key areas during the current year 2025, most notably digitising trade and investment procedures, enhancing food security and health, and empowering women and youth.

(is over)

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