Abuja: Amb. Isiaka Imam, Secretary-General of the D-8 Organisation for Economic Cooperation, has announced that the organisation aims to achieve a target of $500 billion in intra-trade among its member countries by 2030. This ambitious target was discussed during the 8th Session of the Supervisory Committee of the D-8 Preferential Trade Agreement (8th SC PTA) held in Abuja.
According to News Agency of Nigeria, the target forms part of the D-8's decennial roadmap, outlining the organisation's goals from 2020 to 2030. Imam highlighted that in 2023, intra-D-8 trade amounted to approximately $146 billion, constituting only seven per cent of the total external trade of the D-8 member-states. Other regional blocs typically record intra-group trade ranging from 15 per cent to over 30 per cent. The current share of seven per cent indicates a significant under-utilisation of potential within the D-8, presenting a substantial opportunity to increase efforts to reach the target of 10 per cent of the D-8 global trade value.
Imam emphasized the need for the D-8 PTA to be utilised effectively to shield member-states' economies amidst global economic changes. He proposed measures to modernise the PTA, including the adoption of electronic customs systems and single-window platforms to reduce transaction costs and improve transparency. Additionally, he suggested clearer and more flexible rules of origin to reduce compliance burdens and encourage greater use of the PTA.
Dr Jumoke Oduwule, Minister of Industry, Trade and Investment, underscored the importance of accelerating regional cooperation and economic integration to meet global demands. She noted progress in domesticating the PTA and aligning national trade policies with its provisions. Oduwole urged the committee to adopt a results-oriented approach with actionable outcomes, clear timelines, and accountability mechanisms. She emphasized fast-tracking tariff concessions, rules of origin, and enhancing private sector engagement by facilitating access to information and trade opportunities.
Amb. Nura Rimi, Permanent Secretary of the ministry, affirmed Nigeria's commitment to the D-8's objectives and its active role in realising trade and development aspirations. He advocated for the embrace of digital trade as a means to unlock opportunities for the private sector and citizens, with Nigeria aiming to champion this cause within the D-8.
The D-8 Organisation for Economic Cooperation comprises eight developing countries with significant economic potential. It aims to promote intra-regional trade and economic cooperation among member states.