COMCEC Trade Outlook 2016
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mechanism with great future potential for cooperation, SMIIC Metrology Committee works
actively towards achieving uniformity inmetrology and laboratory testing amongst OIC Member
States since its first convention on 23-24 September 2013 in Dubai, UAE.
The Seventh Meeting of the COMCEC Trade Working Group was held on February 25th, 2016
with the theme of “Strengthening the Compliance of the OIC Member States to International
Standards”. After extensive deliberations, the Working Group came up with the following policy
recommendations for strengthening the compliance of the OIC Member States to international
standards.
- Developing/Strengthening a National Quality Infrastructure.
- Supporting the Member States’ Efforts for their Active Participation in the work of
International Standardization Bodies.
- Strengthening SMIIC for the Adoption of Harmonized Standards for the development of
Quality Infrastructure in the OIC for Enhancing Intra-OIC Trade.
Trade Promotion:
One of the challenges facing the Member States in enhancing intra-OIC trade is the inadequate
flow of information among exporters and importers. Firms in some of the Member States have
very limited opportunities to raise awareness on their products. They need extra support from
national and international promotion agencies.
The COMCEC initiated several projects up to date to promote trade among the Member States.
One of these initiatives is the Trade Information Network for Islamic Countries (TINIC). The First
COMCEC Session, held in 1984, adopted a resolution recommending the establishment of a
Trade Information Network for Islamic Countries to facilitate the collection, processing, analysis
and propagation of trade information for the benefit of users. The Islamic Center for the
Development of Trade (ICDT) prepared a feasibility study on the modality of the network. The
TINIC became operational in 1996. It was restructured in 2001 in order to meet the growing
needs of the private sector of the Member States.
COMCEC also initiated Islamic Trade Fairs which are organized biannually in one of the Member
States. Islamic Trade Fairs bring together the producers from the Member States together to
increase awareness and support intra-OIC trade. In recent years, ICDT is also organizing
sectorial trade fairs and exhibitions in accordance with the relevant resolutions of the COMCEC.
Moreover, COMCEC initiated the Private Sector Meetings, organized annually in one of the
Member States. The Private Sector Meetings bring the business owners, firm representatives
and chambers to discuss their common challenges, needs and cooperation opportunities. These
meetings also present opportunities for partnership and trade.
Trade Financing:
The COMCEC has initiated the Export Financing Scheme (EFS) and Islamic Corporation for the
Insurance of Investment and Export Credit (ICIEC) to contribute to financing trade among the
Member States.
The Export Financing Scheme (EFS) was first initiated by the COMCEC as the Longer-TermTrade
Financing Scheme. IDB was entrusted with the implementation of the EFS. The 10th IDB Annual