Istanbul: The State of Qatar participated in the 41st session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) held in Istanbul from November 1-4. The session was chaired by HE President of the Republic of Turkiye, Recep Tayyip Erdogan. The Qatari delegation was led by HE Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al-Thani, who delivered a speech on behalf of the Arab Group during the opening session of the ministerial meeting.
According to Qatar News Agency, Sheikh Faisal emphasized the crucial role of the Arab Group within COMCEC, focusing on joint coordination to enhance economic and trade cooperation under the Organization of Islamic Cooperation’s umbrella. This initiative aims to strengthen ties between member states and enable them to tackle regional and international economic challenges through solidarity and collective action.
His Excellency highlighted the importance of unifying efforts and strengthening joint action to foster security and stability, create a supportive environment for comprehensive and sustainable development, and achieve prosperity for the region’s peoples amidst challenges facing the Islamic world. He underscored the need for member states to collaborate and enhance economic and trade cooperation under the COMCEC framework to advance joint Islamic action and boost intra-Islamic trade by removing obstacles and overcoming challenges.
Sheikh Faisal noted that despite recent economic crises, projections indicate a GDP increase of approximately USD 2 trillion for the Organization’s member states between 2025 and 2026. Efforts to diversify economies, increase domestic production, enhance regional cooperation, and implement the Trade Preferential System have led to a 13.56 percent increase in intra-OIC trade, expected to reach US$1 trillion in 2024.
He also praised Turkiye’s significant efforts in promoting joint Islamic action and implementing the COMCEC Strategy and its Ten-Year Program of Action 2016-2025. Discussions during the 41st session included reviewing the implementation of the COMCEC Strategy, the OIC Executive Program 2025, and global economic developments affecting member states. Topics such as strengthening financial cooperation, improving transport and communications, developing tourism, increasing agricultural production, ensuring food security, digital transformation, and enhancing export strategies in OIC member countries were also addressed.
The Islamic Chamber of Commerce, Industry, and Agriculture, along with the Islamic Centre for Development of Trade, presented reports on recent developments in private sector meetings. Established in 1981, COMCEC serves as the primary platform for multilateral economic and trade cooperation in the Islamic world.
On the sidelines of the meetings, Sheikh Faisal met with HE Minister of Trade of Turkiye, Omer Bolat, HE Minister of Investment and Foreign Trade of Egypt, Hassan Al Khatib, and HE Minister of Trade of Iraq, Atheer Dawood Al Ghurairi. These discussions focused on bilateral trade and investment cooperation between Qatar and these countries, exploring ways to develop and strengthen these relations.