Majhar Mannan :
The 10th D-8 Summit has started under the chairmanship of Hon’ble Prime Minister Sheikh Hasina. The theme of this year’s summit: Partnership in a Changing World, Youth and Technology Preparation. This year’s D-8 summit is being held virtually due to covid-19 pandemic. Heads of government of the D-8 member countries attended the summit. Prime Minister Sheikh Hasina is leading the Bangladesh delegation to the summit which started virtually on April 8. At the same time, she is presiding over the 10th Summit. As the host country of this year’s summit, Bangladesh will be in charge of chair for the next two years. The member countries of D-8 are Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey, and each of which is a predominantly Muslim country. Sheikh Hasina attended the first D-8 Summit held in 1997. Bangladesh successfully hosted the second D-8 Summit in Dhaka in 1999. D-8 is an economic development alliance and its purpose is to develop developing countries and strengthen their position in the world economy. One of the goals of the D-8 countries is to develop mutual trade relations and increase benefits and ensure a decent standard of living. D-8 countries cooperate with each other in various sectors such as the finance, banking, rural development, science and technology, human welfare and human rights, agricultural development, energy environment and health. The combined GDP of the developing eight, made up of eight Muslim-majority developing countries, is increasing rapidly. Bangladesh wants to use the full potential of this economic alliance and the FBCCI has called for a completely separate economic zone for D-8.
According to the 2020 index, Bangladesh is now the 41st largest economy in the world. The country is now home to more than 160 million people and now has a per capita GDP of more than 2000 dollars. Bangladesh is advancing very fast in the industrial and service sectors. Bangladesh imports 19.5 per cent as against 4% of OIC exports.
Indonesia, a member of the D-8, has a per capita GDP of more than 4,000 dollars. Malaysia’s per capita GDP is about 11 thousand dollars. The D-8 is going to be a major economic bloc in the world and is expected to be among the top 24 economies in the world by 2050, with a combined GDP of 38 trillion US dollars making it the world’s third largest economy. The D-8 countries produce 4% of the world’s total production
and these countries account for 4.4% of global exports. Bangladesh and Pakistan are becoming regional powers in exporting software and IT services and have a record annual growth of 600 to 700 percent. Of the forty-two regional trade agreements signed by D-8 member countries, 12 are related to trade in services. D-Eight is currently working in close collaboration with UNCTAD and it will train D-8 member countries to reform international investment agreements. D-8 can efficiently partner with EU and international organizations. The D-8 could reach the highest level of policy coordination among the countries of the Global South.
The D-8 members of the Alliance of Developing Countries have agreed to explore the possibility of creating and strengthening connectivity in transport to strengthen trade and investment among themselves. The Dhaka Declaration calls on member states to co-operate in negotiations with international companies producing the Covid 19 vaccine. Member states have been urged to look into the possibility of creating an epidemic fund. Prime Minister Sheikh Hasina has emphasized on enhancing mutual cooperation among the D-8 member countries and at the same time called on the member states to put pressure on Myanmar on the return of Rohingya. The Prime Minister warned that the Rohingya issue could pose a threat to regional security. D-8 countries can bring their young people together and harness the combined strengths of young people for development.
The 38-point joint declaration at the conference emphasized the need for increasing co-operation among member states in tackling the corona epidemic and its effects. Initiatives are being taken to establish a D-8 university in Iran and the member states have welcomed it It is widely believed that a major regional economic alliance will emerge through the D-8 Summit and work together to tackle Covid 19 epidemic at the same time.
(Mr. Majhar is Assistant Professor, B A F Shaheen College Kurmitola, Dhaka
Cantonment).
