Liberalisation of economies will be D-8's top priority

Turkish Prime Minister Necmettin Erbakan, who proposed the creation of the economic cooperation group last year, was said to have patterned it on the Group of Seven (G-7) gathering of the most industrialised nations, but the D-8 will at least act as a catalyst for more close collaborations not only...

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Bibliographic Details
Published inBusiness times (Kuala Lumpur, Malaysia)
Main Author Jailani Harun in Istanbul
Format Newspaper Article
LanguageEnglish
Published Kuala Lumpur The New Straits Times Press (M) Berhad 12.06.1997
Subjects
Trade liberalization
Istanbul
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Summary:Turkish Prime Minister Necmettin Erbakan, who proposed the creation of the economic cooperation group last year, was said to have patterned it on the Group of Seven (G-7) gathering of the most industrialised nations, but the D-8 will at least act as a catalyst for more close collaborations not only within the Muslim world but also among the developing South. The Muslim world, even with the exclusion of the rich Arab nations, could easily accumulate foreign reserves of more than US$1.3 trillion (US$ = RM2.51), according to findings by the D-8 secretariat here. Economically, countries in the D-8 - Turkey, Malaysia, Iran, Indonesia, Pakistan, Egypt, Bangladesh and Nigeria - are quite stable in the sense that their current fiscal policies enable them to adjust their economic management according to the needs of their domestic development requirements.