Full Breakdown
Strengthening Economic Cooperation Among OIC Member States at COMCEC
11/5/2025, 1:32:50 AM
Overview of the 41st COMCEC Ministerial Session
The 41st Ministerial Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) took place in Istanbul, Türkiye, from November 2 to 4, 2025. Chaired by Turkish President Recep Tayyip Erdogan, the session focused on enhancing economic cooperation among member states, particularly in developing export strategies and boosting intra-OIC trade.
Key Highlights and Initiatives
During the session, H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, emphasized the importance of supporting member countries affected by conflicts and emergencies. He noted that IsDB's annual development financing approvals have increased significantly, from US$1.67 billion in 2020 to nearly US$5.11 billion in 2024. Dr. Al Jasser also highlighted the IsDB's commitment to enhancing trade and investment through its new Ten-Year Strategic Framework (2026-2035).
President Erdogan announced a dedicated support program for Syria, aimed at bolstering human and institutional capacities and facilitating project support in various sectors, including transport and education. He expressed hope that member states would contribute to this initiative, which he believes will integrate Syria into regional economies.
Contributions from Member States
Azerbaijan's Deputy Minister of Economy, Rovnag Abdullayev, highlighted the country's efforts to diversify export markets and expand non-oil exports. He discussed the importance of joint projects in areas such as renewable energy and agriculture to enhance economic relations within the OIC.
Oman's Minister of Economy, Dr. Said Mohammed Al Saqri, reported a growth rate of 8.6% in non-oil exports for the first quarter of 2025. He emphasized the need for a Trade Preferential System among OIC member states to enhance commercial flow and support economic integration.
Pakistan's Federal Minister for Commerce, Jam Kamal Khan, called for stronger intra-OIC economic cooperation and digital integration. He proposed reducing non-tariff barriers and streamlining customs procedures to facilitate trade. Minister Khan also advocated for the establishment of an OIC Green Finance Mechanism to support sustainable projects.
Criticism & Opposition
While the session aimed to foster collaboration, some critics argue that the effectiveness of these initiatives may be hindered by existing geopolitical tensions and regulatory discrepancies among member states. Concerns have been raised regarding the actual implementation of proposed measures and the potential for unequal benefits among countries.
Official Statements & Responses
In his remarks, Dr. Al Jasser stated, “IsDB Group is a dedicated partner in this mission, and our new Ten-Year Strategic Framework prioritizes enhancing trade, investment, and integration.” Erdogan noted, “Thanks to our efforts, sanctions that hindered Syria’s economic development are being lifted gradually.”
What's Next
The outcomes of the 41st COMCEC session will likely lead to further discussions on implementing the OIC-2025 Programme of Action, with a focus on enhancing intra-OIC trade and cooperation. Member states are expected to collaborate on specific projects and initiatives aimed at achieving the goals set forth during the session.
