D-8 Targets $500 Billion Trade, Strengthens Global Halal Economy

The Developing Eight (D-8) nations are setting an ambitious target to achieve $500 billion in intra-regional trade by 2030. This goal represents a substantial leap from the current $116 billion in trade among member states, signaling a strong commitment to enhanced economic cooperation. D-8 Secretary-General Sohail Mahmood highlighted this objective as a central component of the D-8 Roadmap 2030, emphasizing the growing political will among leaders to deepen economic ties.

Indonesian Vice Minister of Foreign Affairs, Anis Matta, underscored the increasing importance of intra-D-8 trade, especially in the face of global geopolitical instability. He noted that many countries are diversifying their economic relationships, making the D-8's efforts to accelerate trade facilitation, addressing tariffs, logistics, and regulations, crucial for reaching the $500 billion target.

To achieve this ambitious goal, the D-8 is prioritizing several key sectors. These include strengthening trade and industry, fostering the digital economy and artificial intelligence, driving innovation, ensuring energy security, improving transportation connectivity, enhancing food security, promoting tourism, developing micro, small, and medium-sized enterprises (MSMEs), and advancing the green transition.

Mahmood specifically pointed to the halal economy as a sector with immense potential to connect diverse industries, from trade and manufacturing to agriculture, logistics, finance, and digital technology. Despite the global halal market's rapid growth, Muslim-majority nations have yet to become dominant players. The challenge, Mahmood noted, lies not in market size but in creating added value. The D-8 possesses strong agricultural production, diverse manufacturing capabilities, internationally recognized halal certification systems, strategic shipping routes, a growing digital economy, and a burgeoning consumer market, providing a solid foundation to transform this landscape.