Buhari urges D8 to support Africa's quest for single market

20 Octobre 2017

Istanbul, Turkey, October  20 (Infosplusgabon)  -  Nigeria’s President, Muhammad Buhari, on Friday urged members of the D8 Organisation for Economic Copperation (D8) to support the African Union’s effort in establishing a single market.

Addressing the 9th edition of the D8 meeting in Istanbul, the commercial capital of Turkey, President Buhari said the establishment of a single market in the African continent would go a long way in boosting investment and economic development of member states.

He said: “I am pleased to inform you of positive market development in Africa that will support our efforts as members of the D8 to enlarge or market, facilitate our trade, investments and develop our economies. In Africa, we are in the threshold of finalising negotiation to establish the first ever single market for trade in goods and services on our continent, in the continental free trade area for Africa.”

President Buhari stressed that if the D8 supports the single market move, it will be “a win-win for all including member countries of the D8”, urging that as partners “we will work together to support this effort of the African Union (AU) that will have the positive effect on global economic development and integration”.

The Nigerian leader who expressed the nation’s commitment to upholding international trade and development best practices added that Nigeria is ready to host D8 ministers of industry in a meeting slated for 14-17 November in the Nigerian capital, Abuja.

“Nigeria is committed and actively promoting the policy of trade and investment for growth,” the president said. He added: “The gains from trade are reflected in greater competitiveness, full productivity, job creation, consumer welfare and prosperity. Economies that grow fastest and at more sustainable rate are those that actually promote trade and attract investment. We are committed to creating an enabling environment and making Nigeria an attractive place for business and investment.”

Meanwhile, members of the D8, on the sideline of the meeting, signed a memorandum of understanding with Islamic Bank.

D8 is an organisation for development co-operation among the following countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

The objectives of D-8 are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level and improve standards of living.

FIN/INFOSPLUSGABON/PLM/GABON 2017

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