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Senegal: Trade Preferential System to Be Put in Place in January 2009
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Agence de Presse Sénégalaise (Dakar)
14 March 2008
Posted to the web 15 March 2008
Dakar
The Organisation of the Islamic Conference (OIC) has set the date if 1 January 2009 as the deadline to put in place a Trade Preferential System expected to be the "starting point to reach the 20 percent ratio in trade" among the Islamic organisation's member countries.
This ratio has been set by the Ten-Year Programme of Action adopted by the 3rd extraordinary session of the Islamic Summit Conference in the Mecca, 7-8 December 2005, "to promote and reinforce trade liberalisation within the OIC community."
According to a document on "draft resolutions on economic affairs" presented in the 11th OIC session ending in Dakar, Friday, the Islamic organisation "lauds the successful conclusion of the first and second rounds of trade negotiations for the establishment of a Trade Preferential System among the OIC states (TPS-OIC).
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The OIC urges the Trade Negotiations Committee (TNC) member states "to finalise the signature and ratification of the protocol on the Preferential Tariff System (PRETAS) and the original rules of the TPS-OIC by the closest deadline to make the TPS-OIC operational as of 1 January 2009."
At this prospect, the chairman of the Permanent Committee for Economic and Trade Cooperation (COMCEC) and the OIC secretary-general have been invited "to coordinate their efforts in order to have the quorum of ratifications required for the PRETAS and TPS-OIC original rules to be effective to make the latter system become a reality by the deadline."
The economic and trade cooperation strategy adopted by the COMCEC provides for cooperation between the sub-groups of member countries and is based on principles focusing the private sector, economic liberalisation, integration into global economy, as well as the inviolable nature of economic, political, legal and institutional bodies in member states, and their international obligations, according to the same source.
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