Indonesian Trade Minister Zulkifli Hasan (Zulhas) has called on D-8 member countries to ratify and implement the D-8 Preferential Trade Agreement (PTA) to achieve established trade targets. "Trade among D-8 countries now reaches USD 170 billion. We have agreed to nearly triple the intra-regional trade target to USD 500 billion by 2030. The D-8 PTA plays a crucial role in reaching this ambitious goal," said Zulhas on Tuesday, 11 June 2024. Minister Zulhas, also the Chairman of PAN, made these remarks at an informal meeting of D-8 Trade Ministers in Istanbul, Turkey. During the forum, Zulhas announced that Indonesia had started implementing the PTA on 1 June 2024. "Given Indonesia's significant step, I invite other D-8 member countries to expedite their ratification processes and join the PTA," he urged.
Further, Zulhas emphasized the importance of the jointly signed Dispute Settlement Mechanism (DSM) Protocol in facilitating the D-8 PTA's implementation. "I am pleased to express Indonesia's support for the effective operation of the D-8 PTA, partly through the DSM Protocol agreement. This Dispute Settlement Mechanism is crucial for building mutual trust and resolving trade disputes among D-8 member countries," he added. Zulhas is confident that implementing the D-8 PTA will benefit business stakeholders. However, he also urged the D-8 to take more strategic initiatives. "To support this, Indonesia is prepared to host the D-8 Trade Ministers' meeting next year," he announced. The D-8, or Developing 8 Countries, is a group of eight developing nations with predominantly Muslim populations. The members include Bangladesh, Indonesia, Iran, Malaysia, Egypt, Nigeria, Pakistan, and Turkey.
