Turkey urges OIC members to ratify origin rules for PTA

Turkish president has called on member countries of the Organization of the Islamic Conference (OIC) to ratify the rules of origin agreement that would effectively lay the legal foundations of a preferential trade deal among OIC members.

"One more country needs to ratify the rules of origin agreement to complete the legal basis of the preferential trade agreement. I am calling on member countries to complete the ratification procedures," Abdullah Gul said in a message he sent to the 27th meeting of the Standing Committee for Economic & Commercial Cooperation (COMCEC) of in Ankara.

The "Preferential Trade System" envisages a transition to a three-step tax reduction system among Muslim countries. To be launched, the plan requires the approval of at least 10 member states.

"The functioning of the preferential trade deal would further boost trade among the OIC countries." (source)

ECONOMY - The Government of Indonesia and Turkey agreed on the use of Preferential Trade Agreement (OIC model)

The Government of Indonesia and Turkey agreed on the use of Preferential Trade Agreement (PTA) countries of Islamic Conference (OIC) to be one that could encourage greater trade between the two countries. Indonesia has yet to ratify the PTA-related trade with OIC countries while Turkey has ratified. (full story)