Need stressed for enhancing bilateral economic ties between brother Islamic countries

PESHAWAR, Feb 27 (APP):Chairman Council of OIC Federation of Pakistan Chamber of Commerce and Industry
Haji Naseem ur rehman stressed the need for enhancing bilateral economic
ties and trade relations between brotherly Islamic countries.
While chairing the 1st meeting of FPCCI OIC Council here Tuesday, Haji Naseem ur rehman said that soon in
Pakistan Islamic trade fair of Islamic countries will be organized. The meeting was also attended by President Federation of Pakistan Chamber of Commerce and Industries Ghazanfar Bilor.
The meeting discussed the agenda related to the single currency trade, to make strong linkages
with Islamic Development Banks, to organize Islamic Trade fair in
Pakistan and to make website for FPCCI council on “OIC”.
Rehman said the Muslim countries had enormous resources and potential to succeed, but
the task was to transform the potential into real asset. Promotion of
economic linkage within the Muslim communities by creating opportunities
could help generate greater flow of capital from within and beyond the
Islamic world.
He further stated that there was great need to promote integration amongst
the Islamic Countries in the era of globalization and absence of unity
among the OIC countries which is the biggest challenge in the present
situation.
He said that single currency will eliminate transaction costs, which are linked
to international financial operations. This will affect both ordinary
citizens who plan to spend money abroad and multinational corporations
undertaking international transactions. Different currencies create a
lot of inconveniences and barriers.
Exchanging one currency for another always involves currency exchange fees, as
banks, which provide such currency exchanges, require commissions for
their services. In the scale of countries or even monetary unions such
expenditures on currency exchange fees may reach high amounts. The
council will work for single currency trade among OIC member.
The meeting was attended by the members Khalid Tawab from Sindh,Omar Masood from Khyber
Pakhtunkhwa,Shaheryar Iftikhar Malik from Punjab,Zulekha Aziz from
Balochistan and Shakeel from Gilgit Baltistan.