ISTANBUL, Nov 3 (APP):Federal Minister for Commerce Jam Kamal Khan called for deeper economic integration, improved access to trade financing and stronger private-sector cooperation among Islamic countries while addressing the 42nd Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) in Istanbul. Addressing the high-level gathering chaired by Vice President of Türkiye, Cevdet Yilmaz, the Commerce Minister reaffirmed Pakistan’s commitment to …
Commerce Minister calls for stronger trade integration, innovative financing, digital Cooperation among OIC countries
ISTANBUL, Nov 3 (APP):Federal Minister for Commerce Jam Kamal Khan called for deeper economic integration, improved access to trade financing and stronger private-sector cooperation among Islamic countries while addressing the 42nd Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) in Istanbul.
Addressing the high-level gathering chaired by Vice President of Türkiye, Cevdet Yilmaz, the Commerce Minister reaffirmed Pakistan’s commitment to strengthening economic and commercial partnerships with OIC member states, emphasizing that greater trade integration could unlock substantial opportunities for shared prosperity across the Islamic world, said a release issued here on Tuesday.
Highlighting this year’s theme, “Developing Effective Trade Financing Tools for Increasing Exports in the OIC Member Countries,” Jam Kamal Khan stressed the importance of expanding access to affordable and innovative financing solutions, particularly for small and medium enterprises (SMEs), to enable them to enter international markets and become competitive exporters.
The Minister said Pakistan had undertaken concrete measures to modernize its trade ecosystem, reduce export-related risks and facilitate businesses seeking access to new markets.
He highlighted the operationalization of the Export-Import Bank of Pakistan (EXIM Bank), which provides trade credit insurance, guarantees and refinancing facilities to protect exporters and support their expansion into international markets, including OIC countries.
Jam Kamal Khan informed the gathering that Pakistan was also expanding Shariah-compliant financing instruments, including Murabaha, Salam and Ijarah, to provide businesses with alternative financial solutions consistent with Islamic principles.
Emphasizing the importance of financial accessibility, the Minister said Pakistan was digitalizing export credit processes through integrated online portals connecting commercial banks and development finance institutions. These initiatives, he noted, would reduce processing times and improve access to financing for micro, small and medium enterprises (MSMEs).
He further highlighted that Pakistan had substantially enhanced concessional financing facilities for exporters to strengthen their competitiveness and facilitate greater participation in international trade.
The Commerce Minister underscored Pakistan’s role as host of the headquarters of the Islamic Chamber of Commerce and Development (ICCD), describing it as an important platform connecting the private sectors of 57 Islamic countries.
He reaffirmed Pakistan’s continued support for the ICCD as a bridge between businesses and policymakers to promote investment, commercial partnerships and stronger private-sector engagement across OIC member states.
Referring to emerging global economic challenges, Jam Kamal Khan emphasized the need for closer cooperation in digital integration, artificial intelligence and sustainable development.
He said rapid technological advancements presented new opportunities for OIC countries to modernize their economies, improve trade competitiveness and strengthen regional economic connectivity.
The Minister appreciated COMCEC’s role in promoting multilateral economic cooperation and developing practical solutions to common trade challenges faced by Islamic countries.
He also expressed gratitude to the Government of Türkiye for its hospitality and commended the COMCEC Secretariat for organizing the session.
Concluding his address, Jam Kamal Khan urged OIC member states to work collectively towards greater economic integration, stronger trade partnerships and sustainable prosperity.
He expressed confidence that enhanced cooperation among Islamic nations would generate significant economic benefits and strengthen their collective position in the evolving global economic landscape.
