KUALA LUMPUR: Malaysia has proposed expanding the Organisation of Islamic Cooperation (OIC) Trade Preferential System and the reduction of trade barriers to strengthen economic ties among its member states.
The proposal was presented by Foreign Minister Datuk Seri Mohamad Hasan during Malaysia’s national statement at the 51st Session of the Organisation of Islamic Cooperation (OIC) Council of Foreign Ministers Meeting in Istanbul, Turkiye, on Saturday.
Mohamad said OIC, as the second-largest intergovernmental organisation in the world, holds vast potential for strategic partnership.
He cited the inaugural ASEAN-Gulf Cooperation Council-China Summit led by Malaysia in May, which witnessed a new historic economic partnership being forged, as a milestone in regional cooperation.
“Malaysia believes that this can support developing States to circumvent the impacts of the US-China trade war,” he said.
Held under the themed “The OIC In A Transforming World”, the meeting was attended by more than 40 foreign ministers from OIC’s 57 member states.
The meeting also saw high-level participation from nearly 30 international organisations including UN, Arab League, Developing Eight (D-8), International Organisation for Migration and World Trade Organisation, reflecting the urgency of the current regional situation.
