Pakistan calls for stronger trade ties, easier financing across OIC

November 06, 2026 (MLN): Pakistan has called for stronger economic cooperation among Islamic countries, improved access to trade financing and coordinated efforts to boost intra-OIC trade, emphasizing the need to translate collective commitments into practical economic outcomes.

Federal Minister for Commerce Jam Kamal Khan made these remarks while addressing the closing session of the 42nd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul, on behalf of member states of the Organization of Islamic Cooperation (OIC).

The session was chaired by Vice-President of the Republic of Türkiye Cevdet Yilmaz, according to a press release issued on Friday.

The Minister highlighted that rising geopolitical tensions, supply chain disruptions, financial vulnerabilities and increasing protectionism had made economic cooperation and collective action among Islamic countries more important than ever, according to APP.

He said OIC member states possessed considerable economic potential, geographical advantages, human resources and natural resources that could be converted into shared prosperity through stronger partnerships and coordinated policies.

Highlighting the outcomes of the session, he identified intra-OIC trade, transport connectivity, sustainable tourism, agricultural productivity, food security, poverty alleviation and digital transformation as key areas for collective action.

Referring to the session's priority theme, "Developing Effective Trade Financing Tools for Increasing Exports in the OIC Member Countries," Jam Kamal Khan stressed that affordable, diversified and sustainable trade financing was essential to improving export competitiveness, expanding international trade and accelerating economic growth.

He noted that exporters, particularly micro, small and medium-sized enterprises (MSMEs), continued to face financing challenges due to fragmented regulatory frameworks, high collateral requirements, transaction costs and lengthy administrative procedures.

To address these constraints, the Minister outlined five priority areas for cooperation, including harmonizing legal and regulatory frameworks, diversifying trade financing instruments, strengthening export credit guarantees, promoting Islamic finance and accelerating digital transformation in trade and financial processes.

He also called for greater use of Shariah-compliant financing through risk-sharing arrangements, Islamic export credit insurance and enhanced cooperation among Islamic financial institutions.

Emphasizing digital transformation, he highlighted the importance of integrating customs and banking systems, adopting electronic trade documentation and developing single-window platforms to reduce transaction costs and simplify cross-border trade procedures.

The Minister further stressed the need to improve financing access for MSMEs, particularly women- and youth-led businesses, through targeted financing facilities, credit guarantees, financial literacy programmes and technical assistance.

He urged COMCEC to support member states in converting policy recommendations into measurable outcomes through project support mechanisms, analytical work and institutional cooperation.

On broader economic cooperation, Jam Kamal Khan described the private sector as a key partner in promoting investment, innovation, industrial development and employment, encouraging stronger business-to-business engagement across OIC countries.

He also called for greater cooperation in agricultural research, technology transfer, resilient food systems and investment in sustainable agricultural value chains to strengthen long-term food security.

Addressing the situation in Palestine, the Minister reaffirmed OIC member states' support for the Palestinian people's right to self-determination and expressed concern over continued Israeli aggression, humanitarian suffering in Gaza, violations concerning the status of Jerusalem and its holy sites, and the expansion of illegal settlements.

Concluding his address, he said the success of the 42nd COMCEC Session would depend on the effective implementation of its decisions rather than the adoption of recommendations alone.

He urged member states to deepen partnerships, maintain coordination and pursue practical initiatives to deliver tangible economic and developmental benefits, expressing hope that the forthcoming 43rd Session would build on the progress achieved.

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