Private businessmen within the Developing Eight Countries (D8) should take advantage of the liberal investment regimes, skilled manpower, and low cost of doing business in member countries to foster trade within the group, Nigeria’s president, Goodluck Jonathan, said yesterday in Abuja, at the formal handing over of the chairmanship of the Developing 8 countries (D8) to Nigeria by Malaysia.

Mr. Jonathan, who said Nigeria will fast-track the ratification of the Preferential Trade Agreement (PTA) and others reached at the 6th Summit in Kuala Lumpur, also said for the D8 countries to achieve the intra-trade target of $1.7 trillion by 2012, the development of the maritime sector is vital, adding that it will support the growing trade volumes and targets set by member states.

“In a world which has truly become global, in which our fate as individuals and countries has now become completely interconnected and interdependent, individualism or going it alone has become obsolete and counter-productive.

“Our recognition of the power of cooperation in maximising outcomes explains why we have chosen the theme of the 7th Summit of our organisation as ‘Enhancing cooperation among D8 member states.’ This theme seeks to remind member states of the constitutive pledge we collectively made in 1997 to strengthen cooperation and coordination in the priority sectors of our economies,” Mr. Jonathan said.

He said his vision is to see the D8 focus on practical and achievable means of enhancing private participation.

“I have directed the relevant organs of my government to fast-track the ratification of the Preferential Trade Agreement, Customs Cooperation Agreement, and Visa Regulatory Regime, as agreed at the 12 session of the Council in Kuala Lumpur. I expect this process to be completed very soon and our assent to these agreements duly formalised.

“I believe the early adoption of these agreements, which truly reflects the vision and spirit of our organisation, would set the stage for mutually beneficial trade and business engagements among our various countries,” he said.

He expressed his support for the proposal for the establishment of the D8 Joint Investment Fund as a vehicle for expanding the scope, volume, and value of trade and investment among member countries. He also called for the resuscitation of the D8 Shipping Business Forum Meetings, saying Nigeria would be pleased to host such workshop as soon as it could be planned.

The deputy prime minister of Malaysia, Tan Sri Muhyiddin Yassin, pledged Malaysia’s full support for Nigeria’s chairmanship of the group and for the efforts it will be undertaking in ensuring the successful realisation of its goals.

Foster economic development

He stressed that the D-8 was established to prove to the world that Islamic nations were capable of enhancing economic co-operations effectively and the small number of member states was to facilitate and expedite the decision making process amongst member countries.

After the closed door session of the heads of states and government, the body expressed support for the proposal of the 12th session of the council of ministers to enhance greater socio-cultural contacts through training programme for young diplomats from member countries.

“We acknowledge the instrumental role of energy in economic growth and development, and while reaffirming our commitment to broaden and deepen cooperation in that sector, stress the importance of collaborative efforts of capacity-building, transfer of technology, exploration of new energy sources, development of alternative fuels, including renewable sources of energy,” the communiqué said.

“We welcome the ratification of the Agreement on Simplification of visa procedures for the Businessmen of the D8 member states; we believe that this agreement will give further impetus to increasing and diversifying intra D8 trade,” Mr. Yassin said.

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