(ECO) CLOSING DECLARATION OF COMCEC ECONOMIC SUMMIT CALLS MEMBER STATES TO SIGN AND RATIFY PRETAS AND TPC-OIC.

ISTANBUL, Nov 10, 2009 (TUR) -- Member countries of the Organization of the Islamic Conference, unanimously adopted a closing declaration urging member states to ratify the Preferential Tariff Scheme (PRETAS) and the TPSOIC Rules of Origin, in order to foster economic and commercial ties.

The Economic Summit, held Monday in Istanbul, to mark the 25th Anniversary of COMCEC --the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Conference-- with participation of Heads of State and Government, adopted the "Istanbul Declaration".

The Economic Summit was organized on the sidelines of the 25th Session of COMCEC for reviewing the existing economic and commercial cooperation among the OIC member countries and proposing policy guidelines for future cooperation.

The Heads of State and Government who signed the declaration commended COMCEC for its role in strengthening economic and commercial cooperation among the Member States, especially its role in enhancing intra-OIC trade.

With the declaration, Member Countries, reaffirmed commitment to enhancement of intra-OIC trade via progressive trade liberalization, financial cooperation among the capital markets institutions, increased direct investment and partnerships among the private sectors, and intensified efforts geared towards poverty alleviation.

The declaration also recognized the importance of the implementation of OIC Agreements and resolutions in the field of economic and commercial cooperation and regarded Trade Preferential System of OIC (TPS-OIC) as one of the main instruments to foster commercial ties and reaching the target of 20 % intra-OIC trade by 2015.

"We urge all the Member States to sign and ratify PRETAS and the TPSOIC Rules of Origin at the earliest convenience. In this context, we call upon the Chairman of the COMCEC to set up a mission who will approach the member states for speeding up the ratification of the aforementioned agreements and implementation of the TPS-OIC," said the declaration.

(OZG-GC)

(THROUGH ASIA PULSE)