March 4, 2002	Monday	Zilhaj 19, 1422

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ISLAMABAD, March 3: The D-8 countries will adopt later this month a single framework for shipping, finalize IMF-guided harmonized banking procedures, eliminate trade barriers within member states and set up an international marketing and trade company (IMTC).

The D-8 secretariat is coordinating with the member countries to hold a summit and a ministerial-level meeting within the current month followed by another in May, foreign official sources told Dawn.

Pakistan, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria and Turkey are D-8 members.

The forthcoming session is to sign charter of the D-8 business forum, besides taking up a number of other issues, including production of agricultural aircraft on serial basis, cooperation in small and medium enterprizes, cyber mall e-commerce, rural development, energy, environment and rural development.

The plan for setting up the IMTC was finalized at the Cairo Summit last year and is now ready for formal approval and implementation with the active participation of the private sector as per guidelines prepared by a consultant firm, FINBI.

The IMTC, principally to be a private sector-driven company, is being established as the most promising area in D-8 intra-trade cooperation and the governments have been asked to encourage private sectors to join the company and subscribe to its capital.

Initial financial commitments would be made by the member states at the coming session in equal proportions of 12.5 per cent of the total holdings.

The heads of states and governments agreed last year in Cairo to establish a single framework for shipping proposed by Bangladesh “to establish a shipping framework for constructive dialogue between the business circles, shipping companies and shipowners associations.

The D-8 countries have also agreed to simplify and harmonize banking measures in consultation with the World Bank and the International Monetary Fund.

The member states have already provided the description of their custom procedures.

The members have been asked to study trade preferences and the issue of trade barriers within the D-8 as a regional arrangement consistent with the international obligations of the member states in the post-2003 WTO era.

The summit meeting is expected to ratify an agreement on the simplification of visa procedures for businessmen.

The agreement was signed by all the members except Malaysia last year but required ratification by at least three countries for implementation. So far, only Turkey has ratified the agreement.

The member countries have already agreed to set up an Internet forum to exchange information, data collection and classification system, establishment of a D-8 joint venture programme and creation of the subcontracting office exchange and seeking the assistance of the UNIDO to this end.

The summit would also sign a charter of joint business forum. The forum would meet in early 2003 in Indonesia.

On the question of agriculture aircraft, the sources said the Turkish Aerospace Industries (TAI) had manufactured the prototype and conducted successful test flights through their own resources.