OIC countries urge removal of barriers to mutual trade, investment

Participants of the 20th session of the Conference of the Parliamentary Union of the OIC Member States (PUIC), held in Baku, have emphasized the importance of strengthening economic cooperation and integration of Islamic states to promote development and overcome the numerous challenges facing the Islamic world, reads the Baku Declaration adopted following the conference, Olaylar informs.

The document reaffirms the commitment to strengthening economic cooperation among OIC member states by promoting sustainable, diversified, viable and inclusive economic growth, increasing investments, industrial cooperation and developing regional value chains.

"Call upon Member Parliaments to facilitate the removal of barriers to intra-OIC trade and investment, promote trade facilitation measures, expand customs cooperation, and encourage the effective implementation of existing OIC trade and economic cooperation mechanisms," the statement reads.

The Baku Declaration also reaffirmed support for the development of safe, sustainable and interconnected transport, transit and logistics corridors aimed at strengthening regional connectivity, expanding trade and sustainable economic integration of OIC member states.

The declaration also expressed support for cooperation in the areas of energy security, development of renewable energy sources, improvement of energy efficiency, adoption of green technologies and sustainable energy transition, taking into account the national conditions and development priorities of member states.

In addition, the document contains a call to OIC member states to strengthen cooperation and solidarity in combating climate change and its consequences through coordinated actions aimed at promoting sustainable development, strengthening climate resilience and effective fulfillment of international climate commitments in the interests of present and future generations.

Furthermore, the document underscores the need to mobilize investments in sustainable infrastructure and develop green project financing mechanisms to ensure the sustainable development of OIC member states.