Jam Kamal Calls for Stronger Intra-OIC Trade and Improved Export Financing at COMCEC Session
Jam Kamal Calls for Stronger Economic Cooperation and Trade Financing Among OIC Countries
ISTANBUL, November 6 (APP): Federal Minister for Commerce Jam Kamal Khan has called for stronger economic solidarity, improved access to trade financing and coordinated efforts to increase trade among member states of the Organization of Islamic Cooperation (OIC).
Addressing the closing session of the 42nd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul, the minister spoke on behalf of OIC member states. The high-level gathering was chaired by Türkiye’s Vice-President, Cevdet Yilmaz.
Global Challenges Highlight Need for Stronger OIC Economic Cooperation
Jam Kamal Khan said growing geopolitical tensions, supply chain disruptions, financial vulnerabilities and rising protectionism had made collective economic action among Islamic countries increasingly important.
He noted that OIC member states possessed significant economic potential, geographical advantages, human resources and natural resources that could be transformed into shared prosperity through stronger partnerships and coordinated policies.
The minister also acknowledged the hospitality of the Turkish government and people, as well as the contributions of the COMCEC Coordination Office and OIC institutions in successfully organizing the session.
Affordable Trade Financing Essential for Boosting OIC Exports
Highlighting the session’s priority theme, “Developing Effective Trade Financing Tools for Increasing Exports in the OIC Member Countries,” the minister emphasized that affordable, diversified and sustainable financing was essential for improving export competitiveness and accelerating economic growth.
He pointed out that micro, small and medium-sized enterprises (MSMEs) continued to face difficulties in accessing financing because of fragmented regulations, high collateral requirements, transaction costs and lengthy administrative procedures.
Pakistan Proposes Five Priorities to Strengthen Intra-OIC Trade
The commerce minister outlined five key areas for closer cooperation among OIC member states:
- Harmonizing national legal, regulatory and supervisory frameworks to facilitate cross-border transactions and improve access to trade financing.
- Diversifying financing instruments, strengthening export credit guarantees and developing innovative financial arrangements for MSMEs and technology-driven businesses.
- Promoting Shariah-compliant trade financing through stronger institutional capacity, risk-sharing arrangements and Islamic export credit insurance.
- Accelerating digital transformation by integrating customs and banking systems, adopting electronic trade documentation and developing single-window platforms.
- Improving financing access for MSMEs, particularly women- and youth-led businesses, through targeted facilities, credit guarantees, financial literacy and technical assistance.
He said implementing these measures within the national legal and regulatory frameworks of member states could strengthen export capacity and increase trade within the OIC region.
Digital Trade and Private Sector Partnerships Among Key Priorities
Jam Kamal Khan stressed that digital transformation could reduce transaction costs, simplify trade procedures and improve the efficiency of cross-border business activities.
He urged COMCEC to help member states turn policy recommendations into practical results through project support mechanisms, research and institutional cooperation.
The minister also highlighted the private sector’s role in promoting investment, innovation, industrial development and employment, encouraging stronger engagement among business communities across OIC countries to develop trade and investment opportunities.
OIC Countries Urged to Strengthen Agricultural Cooperation and Food Security
On agriculture and food security, the minister called for greater cooperation in agricultural research, technology transfer, resilient food systems and investment in sustainable agricultural value chains.
He said joint efforts in these areas were important for addressing emerging challenges and strengthening long-term food security across OIC member states.
Jam Kamal Reaffirms OIC Support for Palestinian People
Speaking on behalf of OIC member states, the commerce minister reaffirmed support for the Palestinian people’s right to self-determination.
He expressed concern over continued Israeli aggression and the humanitarian situation in Gaza, as well as actions affecting the historical and legal status of Jerusalem, the sanctity of Muslim and Christian holy sites and the expansion of settlements.
COMCEC Urged to Turn Policy Recommendations into Practical Results
Concluding his address, Jam Kamal Khan said the success of the 42nd COMCEC Session would depend on the effective implementation of its decisions rather than recommendations alone.
He called on OIC member states to maintain close coordination, deepen partnerships and pursue practical initiatives that deliver tangible economic and development benefits.
The minister expressed hope that the 43rd COMCEC Session would build on the progress achieved and further advance the shared economic and development objectives of OIC countries.
You might also like:
- Pakistan Urges OIC Countries to Expand Trade Financing and Support SMEs for Export Growth
- Pakistan’s foreign reserves rise to $ 26.86 billion, SBP reserves reach $ 21.56 b
- Pakistan’s Marketing Services Exports Surge 19% as Agencies Target Global Markets
- Spotify Names Pakistani Hip-Hop Artist Shareh as RADAR Pakistan Artist for Q4 2026
- Abbottabad Motorway Accident: 7 Killed, 20 Injured in Dumper-Coach Collision
