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Iraq 's economy and Islamic countries raise their trade to 322 billion dollars

Rocky

Rocky: Admin Assist; Posts : 268964
Join date : 2012-12-21

Post n°1

Iraq 's economy and Islamic countries raise their trade to 322 billion dollars

by Rocky Thu 22 Nov 2018, 2:37 am

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Iraq 's economy and Islamic countries raise their trade to 322 billion dollars[/size]
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3 hours ago

The net volume of intra-OIC trade grew by 15.8 percent year-on-year in the last year to 322.2 billion, the Organization of Islamic Cooperation (OIC) said.

The OIC said in a statement that the volume of inter-Islamic trade amounted to 278.2 billion dollars in 2016.

The growth in the past two years has been attributed to intra-OIC trade figures, to volatile commodity prices, including oil, mining and food products.

The share of intra-OIC trade from foreign trade of OIC member countries rose from 18.7 percent in 2016 to 19.8 percent in 2017.

The major trading countries that have contributed to the volume of intra-OIC trade are Iraq, Turkey, the UAE, Saudi Arabia, Indonesia, Iran, Malaysia, Egypt, Pakistan and Oman.

They accounted for 74.6 percent of intra-OIC trade.

The WTO's share of total world trade fell to $ 3.2 trillion last year, compared with $ 4.2 trillion in 2016.

The decline is due to volatile commodity prices, the existence of tariff and non-tariff barriers to trade and investment, and the fragile environment of global economy and trade.

The 34th Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization will be held in Istanbul from 26 to 29 this month.

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Iraq 's economy and Islamic countries raise their trade to 322 billion dollars

Iraq 's economy and Islamic countries raise their trade to 322 billion dollars

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