COMCEC Trade Outlook 2017
57
 Support in participation to trade fairs and organization of mission tours to foreign
markets,
 Seminars and training courses to enhance the managerial ability of exporters and/or
mentoring services,
 Financial support to exporters.
The study recommends several strands of actions for policy development to OIC Member States
such as;
 Greater emphasis on intra-OIC trade activities through the development of multilateral
agreements or possible free trade zone agreements,
 Institutional focus on developing soft infrastructure of skills development and of
entrepreneurship,
 Strengthening and development of an exclusive front on new Technologies,
 Promotion of public-private partnerships,
 Development of a data infrastructure, to monitor business dynamics and performance
by size of firms 27.
Trade Financing:
The COMCEC Trade Working Group also touched upon the trade financing issues in its Meetings.
In its fifth meeting held on March 26 th, 2015, the TWG evaluated the present situation in the
Member Countries with respect to Export Credit Agencies (ECAs). After detailed deliberations,
the Working Group came up with the following policy recommendations in order to improve the
role of ECAs in the Member Countries28;
- Member States are encouraged to examine and assess the financing needs of their
exporters
- Member States are invited to enhance transactional cooperation among their ECAs
- Member States are encouraged to review the soundness of their ECAs with the aim of
improving the overall performance of the ECA
- Member states are called on to promote public-private dialogue within the ECA context
- Member states are encouraged to initiate capacity building activities for strengthening
institutional and human capacities of their ECAs
Despite all odds, especially for SMEs, trade finance promises prospects in future. The analytical
study titled “Improving the SMEs Access to Trade Finance in the OIC Member States”
commissioned by the COMCEC Coordination Office for the 2nd Meeting of the COMCEC Trade
Working Group envisages that through appropriate policy and regulatory treatment of trade
finance, coupled with recent innovations like supply chain finance and the key role of ECAs and
IFIs in supporting access to trade finance, a far more positive view of the immediate future in
terms of SMEs access to finance and trade finance is possible. Moreover developments in Islamic
Finance and adaptation of Islamic Finance Tools would offer great opportunities for COMCEC
Countries29.
27 COMCEC Coordination Office, 2013a.
28 COMCEC Coordination Office, 2015a.
29 COMCEC Coordination Office, 2013b.