His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, led Qatar’s delegation at the 40th session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC). The meetings, held in Istanbul from November 2 to 5, 2024, brought together member states to discuss and advance economic and trade cooperation among OIC countries. The opening session of the Ministerial meeting featured a speech by His Excellency Recep Tayyip Erdoğan, President of the Republic of Türkiye and Chairman of the COMCEC. At the Ministerial meeting’s opening session, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani addressed the assembly on behalf of the Arab member states. He underscored the critical need to strengthen economic and commercial cooperation within the COMCEC framework, emphasizing that current global shifts demand intensified coordination to drive economic and trade collaboration forward. He emphasized that the meeting offers a vital opportunity to advance initiatives that will strengthen intra-OIC trade and dismantle barriers hindering trade and investment flows. This aligns with the OIC’s Ten-Year Program goal of raising intra-OIC trade to 25% by 2025. His Excellency also highlighted that 27 OIC member states have already achieved the target for intra-Islamic trade growth and expressed hope for continued efforts to help remaining members reach their goal by next year, fostering greater trade within the Islamic world. He expressed confidence that the decisions and recommendations from this meeting would bolster mechanisms for deepening trade and cooperation among OIC member states, while also strengthening bilateral and multilateral economic ties. In closing, His Excellency the Minister of Commerce and Industry highlighted that this platform opens new avenues for fostering joint investments and expanding e-commerce capabilities across member states through digital transformation. These efforts, he noted, aim to bring tangible benefits to the people of OIC nations. During the session, participants reviewed the implementation report of the COMCEC strategy and the OIC-2025 Programme of Action, with the General Secretariat presenting an update on the program’s progress. The agenda also addressed global economic developments, emphasizing their effects on OIC member states. Key discussions included advancing financial cooperation, enhancing transport and communication, strengthening the tourism sector, boosting agricultural productivity to ensure food security, and fostering collaboration in digital transformation. Additionally, participants shared insights on “Digital Transformation of Payment Systems in OIC Member Countries.” The meeting also explored issues related to intra-OIC trade, with delegation leaders engaging in discussions on strengthening the private sector’s role in economic cooperation among member states. Additionally, the Islamic Centre for Development of Trade presented an update on recent developments from private sector meetings, highlighting areas of mutual interest and collaboration. The Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), established in 1981, stands as the premier platform for fostering multilateral economic and commercial collaboration across the Islamic world. On the sidelines of the COMCEC meetings, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani held separate discussions with H.E. Dr. Majid bin Abdullah Al-Qasabi, Saudi Arabia’s Minister of Commerce, and H.E. Engineer Hassan Al-Khatib, Egypt’s Minister of Investment and Foreign Trade. These bilateral meetings reviewed Qatar’s trade and investment ties with both nations, focusing on strategies to further enhance and expand these relationships.His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, led Qatar’s delegation at the 40th session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC). The meetings, held in Istanbul from November 2 to 5, 2024, brought together member states to discuss and advance economic and trade cooperation among OIC countries. The opening session of the Ministerial meeting featured a speech by His Excellency Recep Tayyip Erdoğan, President of the Republic of Türkiye and Chairman of the COMCEC. At the Ministerial meeting’s opening session, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani addressed the assembly on behalf of the Arab member states. He underscored the critical need to strengthen economic and commercial cooperation within the COMCEC framework, emphasizing that current global shifts demand intensified coordination to drive economic and trade collaboration forward. He emphasized that the meeting offers a vital opportunity to advance initiatives that will strengthen intra-OIC trade and dismantle barriers hindering trade and investment flows. This aligns with the OIC’s Ten-Year Program goal of raising intra-OIC trade to 25% by 2025. His Excellency also highlighted that 27 OIC member states have already achieved the target for intra-Islamic trade growth and expressed hope for continued efforts to help remaining members reach their goal by next year, fostering greater trade within the Islamic world. He expressed confidence that the decisions and recommendations from this meeting would bolster mechanisms for deepening trade and cooperation among OIC member states, while also strengthening bilateral and multilateral economic ties. In closing, His Excellency the Minister of Commerce and Industry highlighted that this platform opens new avenues for fostering joint investments and expanding e-commerce capabilities across member states through digital transformation. These efforts, he noted, aim to bring tangible benefits to the people of OIC nations. During the session, participants reviewed the implementation report of the COMCEC strategy and the OIC-2025 Programme of Action, with the General Secretariat presenting an update on the program’s progress. The agenda also addressed global economic developments, emphasizing their effects on OIC member states. Key discussions included advancing financial cooperation, enhancing transport and communication, strengthening the tourism sector, boosting agricultural productivity to ensure food security, and fostering collaboration in digital transformation. Additionally, participants shared insights on “Digital Transformation of Payment Systems in OIC Member Countries.” The meeting also explored issues related to intra-OIC trade, with delegation leaders engaging in discussions on strengthening the private sector’s role in economic cooperation among member states. Additionally, the Islamic Centre for Development of Trade presented an update on recent developments from private sector meetings, highlighting areas of mutual interest and collaboration. The Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), established in 1981, stands as the premier platform for fostering multilateral economic and commercial collaboration across the Islamic world. On the sidelines of the COMCEC meetings, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani held separate discussions with H.E. Dr. Majid bin Abdullah Al-Qasabi, Saudi Arabia’s Minister of Commerce, and H.E. Engineer Hassan Al-Khatib, Egypt’s Minister of Investment and Foreign Trade. These bilateral meetings reviewed Qatar’s trade and investment ties with both nations, focusing on strategies to further enhance and expand these relationships.
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