Hossein Salimi, who represented Iran in a D-8 (Developing-8) meeting in Istanbul, called on the member states to devise an arbitration mechanism to resolve disputes arising among themselves.
The 25th Silver Jubilee Anniversary of the Developing Eight Organization for Economic Cooperation convened in the Turkish city on Wednesday.
Speaking during the meeting, Salimi, the chairman of the Joint Iranian-Foreign Investments Association of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), said that providing support for launching knowledge-based businesses, and facilitating the use of research and scientific findings in the process of globalization of production and trade have to be put on the agenda of the member states.
He also referred to the imposition of unilateral economic sanctions, the global outbreak of COVID-19, and the war in Ukraine as the main factors contributing to the damages to the global economy.
Private sectors can play a key role in the enhancement of innovation, capital generation, creating jobs and a subsequent removal of poverty, Salimi said, calling on the D-8 member states to pave the way for a more active participation of the private sector in economic and commercial activities.
The representative of the Iranian private sector also put forward a number of proposals, including the formation of a direct inter-bank cooperation system to help reduce the costs of banking operations for member states, removing the customs barriers through facilitating trade regulations, avoiding double taxation, and launching an arbitration mechanism to resolve trade disputes among member states.
More than 300 representatives from the governmental and private sectors of the member states were present at the event.
D-8, an organization for development cooperation among member states, was established in 1997. Eight Muslim countries, namely Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey, are members of the organization.