Cairo Declaration reaffirms D-8 commitment to economic cooperation

Cairo- Leaders and representatives of the participating countries in the D-8 Organization for Economic Cooperation 11th Summit reaffirmed their commitment to strengthening peace and sustainable development and building a more sustainable future based on cooperation, mutual respect, and well-being.

This was reflected in the Cairo Declaration, adopted during the D-8 Countries Economic Cooperation Summit 2024, held on Thursday in Cairo's New Administrative Capital (NAC) under the theme "Investing in Youth and Supporting SMEs: Shaping Tomorrow's Economy."

According to the declaration, the D-8 states pledged to continue their cooperation under Egypt's leadership and adhere to the vision outlined in the 2020-2030 Roadmap for the D-8 Countries Economic Cooperation Organization, in light of unprecedented global challenges.

The Cairo Declaration also welcomed Azerbaijan's full membership in the organization.

The leaders and delegations supported the organization's expansion by Articles 3 and 4 of its Charter.

Strengthening priority areas of cooperation

The declaration underscored unity, equality, mutual respect, economic cooperation, and strengthening partnerships in priority areas, including agriculture and food security, energy, science and technology, industry, small and medium-sized enterprises' development, infrastructure, trade, investment, and transportation, to promote inclusive and equitable development that benefits the member countries.

The Cairo Declaration also reiterated the collective efforts to implement the 10-year (2020-2030) roadmap for the D-8 countries, which aims to deepen economic cooperation in alignment with the United Nations (UN) development agenda.

The leaders reaffirmed their belief in multilateralism and the importance of strengthening cooperation within the D-8 and with relevant regional and international organizations, especially the UN and the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC). Enhancing South-South cooperation is vital for fostering sustainable development, promoting peace, and addressing global challenges like poverty, climate change, and inequality.

Boosting trade within member countries

Recognizing the potential for fully implementing the preferential trade agreement within the D-8 organization, the leaders highlighted the importance of advancing it into a more comprehensive tool, such as a comprehensive economic partnership agreement.

The declaration emphasized the necessity of enhancing investment opportunities and increasing trade between the member countries using effective mechanisms, including digital platforms.

 They also underscored the need to promote inclusive growth by supporting small- and medium-sized enterprises in emerging sectors, such as digital trade, e-commerce, and fintech. This would ensure economic empowerment for all and intensify efforts to improve logistics, transport, and regulatory frameworks.

The declaration further reiterated the commitment to enhancing cooperation in science, technology, and innovation through existing mechanisms, focusing on key indicators and evaluating opportunities for digital transformation, including emerging technologies, such as artificial intelligence and the Internet, to support the group's goals.