10th D-8 Summit: Focus given on vaccines, economy

The D-8 countries have highlighted the importance of stronger cooperation on vaccine production, distribution and economic recovery in the aftermath of the coronavirus pandemic.

They also stressed the need for expansion of trade and commerce among them.

At the 10th D-8 summit, hosted virtually by Bangladesh yesterday, the D-8 leaders called upon the member states to cooperate in negotiations with the international pharmaceutical companies, which will give the members advantage in terms of quantities and prices of vaccines.

"All have expressed concern over the Covid-19 vaccine. They emphasised on production of vaccines as the pandemic appears to last for quite some time," Foreign Minister AK Abdul Momen said at a virtual press conference after the summit.

"Our prime minister [Sheikh Hasina] said vaccine should be a public good and all should have equal access to it," he said at a time when the world faces a shortage of vaccine supplies amid rising cases of Covid-19.

The eight-member group, which includes Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey, established in 1997, aims to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at an international level, and improve the people's standards of living.

The progress in attaining its objectives has not been significant in more than two decades, but Foreign Minister Momen said, now with the emergence of digital technologies, all the countries coming under the "developing" country category seek to boost trade and industrialisation. Trade can be done through digital marketplace, he added.

"The D-8 summit called upon member states to consider conducting a feasibility study for establishing a Pandemic Diseases Fund to fight diseases like Covid-19 and directed health ministries, public and private institutions to join hands to make the best use of the laboratories and research centres to contribute significantly to accelerate the global economic recovery," according to the 38-point Dhaka Declaration adopted by the D-8 leaders.

They expressed commitment to combined efforts in achieving effective adaptation to climate change through building climate resilience.

Bangladesh Prime Minister Sheikh Hasina, Turkish President Recep Tayyip Erdogan, Indonesian President Joko Widodo, Iranian President Hassan Rouhani, Malaysian Prime Minister Muhyiddin Yassin, Pakistan Prime Minister Imran Khan, Egyptian Prime Minister Mostafa Madbouly, and Nigerian Foreign Minister Geoffrey Jideofor took part in the summit.

Turkish President Recep Tayyip Erdogan handed over chairmanship of D-8 Organization for Economic Cooperation to Hasina for the next two years. Foreign Minister Momen also became chairman of D-8 Council of Foreign Ministers.

The theme of the 10th D-8 Summit "Partnership for a Transformative World: Harnessing the Power of Youth and Technology", emphasised on the power of youths and technology.

Prime Minister Hasina said harnessing the power of youths could be done through skill development, utilising the full potential of ICT, creating necessary legal, institutional and infrastructural framework; and improving connectivity to facilitate trade and investment among the D-8 member states.

"The D-8, which was established 24 years ago, is now poised to deliver its goal of economic development through creating synergies," she said.

"The youth in our countries can be encouraged to come together through the business initiatives at private and even government to private level. The D-8 Business Forum together with the 1st D-8 Youth Summit has created this rare opportunity," she added.

Momen said the D-8 countries have stressed on cooperation on trade and tourism by signing Preferential Trade Agreement (PTA). Six of the eight countries have already ratified PTA.

The trade among the D-8 countries is about $100 billion, which is only 6 percent of the group's total trade, but the summit spoke of increasing the intra-trade among the countries to 10 percent by 2030.

"There are issues of trade facilitation and removing non-tariff trade barriers. The D-8 leaders emphasised on removing barriers and boosting trade," said Foreign Secretary Masud Bin Momen.

"All the countries also spoke of streamlining legal and institutional issues for increasing trade," he said.

The summit encouraged the member states to explore the potentialities of a D-8 Clearing House for smooth financial transactions; evaluate the possibility of establishing D-8 Special Economic Zones; explore the possibilities of developing transport connectivity to facilitate intra-D8 trade and operationalising visa and customs agreements.

Momen said Bangladesh, as chair of the D-8 for the next two years, will do everything necessary to boost trade and investment among the member states.