Emirates News Agency – UAE reiterates support for enhanced cooperation among OIC members

ISTANBUL, 29th November, 2022 (WAM) — Abdullah bin Touk Al Mali, Minister of Economy, led the UAE delegation to the 38th Ministerial Meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation, COMCEC, held in 26-29 November in Istanbul, ministerial and senior official level meeting.

“Under the leadership of His Highness President Sheikh Mohamed bin Zayed Al Nahyan, the UAE is keen to support the efforts of the Organization of Islamic Cooperation and its aim to promote coordinated action among Islamic countries, encourage our economic development initiatives, as well as developing effective plans to address current and upcoming challenges,” the minister said in his address to the meeting.

“The UAE is very keen to maximize mutual benefits with the rest of the Islamic world, especially considering that trade between the UAE and COMCEC countries is continuing to grow,” he said, explaining that the UAE’s trade with these countries amounts to around 650 billion Dirham 2021, an increase of 26% over the previous year.

Bin Touq added that due to their strategic location, which makes them an important and sustainable link in global trade flows, Islamic countries are well placed to help ensure the continuity of global supply chains despite the current challenges the world is facing.

The minister noted that in 2021, COMCEC countries traded with the rest of the world worth around $4 trillion, accounting for 10 percent of global merchandise trade, 9.5 percent of exports and 10.5 percent of imports.