D8 seeks to reduce trade barriers

By | July 7, 2010

Ever heard of the D8? They are Iran, Nigeria, Bangladesh, Egypt, Indonesia, Malaysia, Pakistan and Turkey. Their central bank governors and foreign ministers met in Abuja on Tuesday.

The aim?

to seek closer economic cooperation that would help protect the group from another global financial crisis.

The decision?

Under a draft Abuja declaration, the group proposed to combat corruption, ease visa procedures, expedite multilateral trade agreements and review the creation of an investment fund for use by member countries.

Trade between the eight countries is estimated at around $68 billion, or about 3 percent of global trade.

“It has become necessary to review and adopt common regulatory regimes to safeguard financial systems’ stability and forestall a reoccurrence of the recent experience in our various countries,” said Nigerian Central Bank Governor Lamido Sanusi.

Of course, Iran is part of them, so:

The proposed declaration also backs “peaceful uses of nuclear energy,” but does not specifically mention Iran’s nuclear enrichment activities.

IR people, what do you make of this?

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