Editor in Chief: Moh. Reza Huwaida Sunday, July 15th, 2018

Gul Urges Cooperation among Islamic Countries before Financial Crisis

Gul Urges Cooperation among Islamic Countries before Financial Crisis

ISTANBUL - Turkish President Abdullah Gul Wednesday called on Islamic nations to enhance cooperation in fending off the fallout of a financial crisis that has hit some developed economies.
"Although COMCEC (Standing Committee for Economic and Commercial Cooperation) member countries are not afflicted with the debt problems of the developed markets, the current instability in capital and financial markets can affect us," Gul told the 27th session of the COMCEC of the Organization of Islamic Cooperation (OIC) held in Turkey's largest city of Istanbul.

He noted "the best solution is to increase trade and joint investments among member states of the OIC." Meanwhile, the Turkish president said "the social movements taking place in our region today are signs that it is now the time for change, and that we are in a process of irreversible transformation."

He called on member states of the COMCEC to carry out necessary reforms to ensure peace, security, stability and welfare, all of which he said are of major importance.

Ekmeleddin Ihsanoglu, secretary general of the OIC, urged COMCEC states to cooperate more, especially in the field of agriculture, at the same time, he urged for the resumption of OIC trade negotiation rounds to facilitate a free trade zone between all member states.

The opening ceremonies for the meeting were attended by 229 representatives from 49 countries and 18 organizations. A total of 22 ministers from OIC member states were also present at the meeting. (Xinhua)