Pakistan calls for stronger economic and digital cooperation at COMCEC session

At the 41st Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) in Istanbul, Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, called for stronger intra-OIC economic cooperation and digital integration.

In his address, the Minister emphasized the need for the OIC to collaborate more closely, particularly in areas like trade liberalization, infrastructure development, and digital transformation. “Economic cooperation among OIC countries is not just about trade but about forging deeper partnerships that will benefit all our nations,” said Minister Khan.

The Minister highlighted that intra-OIC trade is currently below its potential due to barriers such as regulatory discrepancies and limited connectivity. He proposed reducing non-tariff barriers, streamlining customs procedures, and harmonizing trade regulations to promote a smoother flow of goods and services within the OIC region.

Minister Khan also advocated for increasing private sector participation and fostering public-private partnerships to boost investment and create jobs. He stressed the importance of digital transformation, especially in areas like e-commerce, fintech, and digital infrastructure. “By embracing digital technologies, we can unlock new opportunities for innovation, especially for youth and entrepreneurs,” he said.

On sustainability, the Minister called for the establishment of an OIC Green Finance Mechanism to support renewable energy and climate-resilient projects, aligning economic growth with environmental responsibility. He also proposed the creation of an OIC Center of Excellence to promote knowledge sharing, capacity building, and innovation in key sectors.

As part of the session, Pakistan also delivered a joint statement on behalf of the Asia Group, emphasizing collective action to bridge digital gaps among OIC nations. The statement advocated for strengthening secure digital infrastructure, promoting Shariah-compliant financial solutions for SMEs, and enhancing data-driven cooperation among OIC institutions.

Minister Khan concluded by reaffirming the Asia Group’s support for achieving the OIC’s goal of 25 percent intra-OIC trade by 2025, urging greater collaboration on regional digital payment systems and trade facilitation platforms.