Cairo: Minister of Investment and Foreign Trade Hassan El-Khatib chaired the 4th session of the Council of Trade Ministers of the Developing Eight (D-8) countries, held in Cairo with the participation of the trade ministers of member states, the Secretary-General of the D-8 Organization, and official delegations. In his opening remarks, the minister expressed appreciation for Egypt's hosting of the gathering, emphasizing the importance of strengthening economic and trade cooperation.
According to State Information Service Egypt, El-Khatib stressed the need for member states to unite in addressing global shifts in international trade, advocating for flexible policies to enhance trade integration and promote sustainable growth. He highlighted the potential of the D-8 countries, noting that intra-D-8 trade reached approximately $150 billion in 2024, and called for joint efforts to increase this figure.
El-Khatib outlined Egypt's priorities during its presidency of the D-8, focusing on deepening trade integration, promoting investment, and supporting sustainable development. He emphasized the importance of the D-8 Preferential Trade Agreement and the need to operationalize the Dispute Settlement Committee. The minister also stressed the goal of raising intra-D-8 trade to $500 billion by 2030.
The importance of supporting small and medium enterprises and empowering youth was also highlighted, alongside initiatives for establishing a Regional Seed Bank and exploring a strategic reserve of essential commodities for food security. El-Khatib noted the necessity of organizing trade forums and facilitating delegation exchanges to stimulate investment and promote private sector engagement.
These efforts aim to diversify trade, attract investments, and create job opportunities within D-8 countries. The minister expressed gratitude for the active participation of member states and commended the D-8 organization's role in enhancing economic cooperation, reaffirming Egypt's commitment to a prosperous and sustainable future for all D-8 countries.