D-8 countries

• Bangladesh Prime Minister Sheikh Hasina said that the Muslim countries could introduce a common currency, like the European Union (EU), to boost trade and commerce among them.
• She was hosting a delegation of D-8 trade ministers led by Turkish Deputy Minister of Trade at her official residence Ganabhaban in Dhaka.

ABOUT D-8

• The D-8 is an Organization for Economic Cooperation among the eight Muslim countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
• The establishment of D-8 Organization for Economic Cooperation was announced officially through the Istanbul Declaration of Summit of Heads of State/Government on June 15, 1997.
• The objectives of D-8 Organization for Economic Cooperation are-
  • to improve member states’ position in the global economy,
  • diversify and create new opportunities in trade relations,
  • enhance participation in decision-making at international level, and
  • improve standards of living.
• The principal organs of D-8 are-
  • The Summit– which is the supreme organ of D-8, is composed of the Heads of State/Government of member states. It is convened once every two years.
  • The Council– is composed of the Ministers of Foreign Affairs of member states. It is the political decision-making organ of D-8, and acts as a forum for thorough and comprehensive consideration of the issues at hand.
  • The Commission– is the executive body of D-8. It is composed of senior officials appointed by their respective governments. Each Commissioner is responsible for the national coordination in his/her respective country.