The New Vision has precipitated the implementation of wide-ranging measures to promote the economic advancement of OIC Member States. At the very minimum, there is increasing pressure on member states to sign and ratify all existing OIC trade and economic agreements including the Protocol on Preferential Tariff Scheme (PRETAS) which has already been signed by nine countries. Promoting institutionalized and enhanced cooperation between the OIC and regional economic groups place highly among the New Vision’s priorities and in this regard avenues are currently being explored with the Gulf Cooperation Council (GCC), Economic Cooperation Organization (ECO) and the West African Economic and Monetary Union (WAEMU).
Intra-OIC trade currently stands at 14% of overall trade volume and the New Vision projects an increase to 20% by 2015 through the establishment of a Free Trade Area that would also lead to greater South-South cooperation. Several concrete steps have already been undertaken in this regard including the establishment of the Islamic Trade Finance Corporation (2007 by the IDB) and the International Islamic Company for Exploration of Investment Opportunities and Promotion of Intra Trade (2006 by the ICCI). To promote intra-OIC maritime trade, the Bakkah Shipping Company (BASCO) has recently been established by the Organization of the Islamic Ship Owners Association to advance technical cooperation and the harmonization of rules and regulations in maritime transport.
The ICCI has also set forth a Ten Year Work Plan and is currently in the process of finalizing the establishment of Human Resource Development Companies in OIC Member States. Additionally, there has been an increased impetus towards the promotion of biannual Trade Fairs and Tourism Fairs of Islamic Countries and the Islamic Conference of Tourism Ministers is currently preparing a Strategic Plan for Tourism Development. Annual meetings of the private sectors are also being promoted through specialized workshops and exhibitions and the facilitation of the free movement of businessmen and investors within OIC Member States is being vigorously pursued.
Accession of OIC Member States to the World Trade Organization (WTO) and the promotion of a unified stand in negotiations are prioritized by the New Vision as key venues to advance their relative trading positions. In this regard the IDB and the Islamic Centre for Development of Trade (ICDT) are working together to develop the human and institutional capacities on Member States towards facilitating their full integration into the multilateral trading system on an equitable and fair basis and to coordinate their positions within the WTO to set up a common platform for negotiations.
To promote electronic commerce among Member States, a MoU is currently being developed between the OIC and the UN to launch joint projects for capacity building in e-commerce. Studies have already been conducted by SESRTCIC on the impact of e-commerce on intra-OIC trade promotion and the IDB, ICCI, ICDT & SESRTCIC will assist Member States in developing national strategies in this regard. Additionally, to monitor the impact of economic development on the environment, the New Vision continues to exert pressure on Member States to coordinate their environmental policies and positions in international environmental fora. To aid Member States, SESTRCIC has already published indicators on environmental sustainability and performance, including country-level data, and has presented a series of reports in this regard to the Islamic Conference of Ministers of Environment in 2006.
