Pakistan urges deeper trade integration, innovative financing among OIC countries
ISTANBUL (News Desk): Federal Minister for Commerce Jam Kamal Khan has called for deeper economic integration, improved access to trade financing and stronger private-sector cooperation among Islamic countries to unlock opportunities for shared prosperity across the Muslim world.
He was addressing the 42nd Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) in Istanbul. The high-level gathering was chaired by the Vice President of Türkiye H.E. Cevdet Yılmaz.
Reaffirming Pakistan’s commitment to strengthening economic and commercial partnerships with OIC member states, the Commerce Minister said greater trade integration could generate substantial economic benefits for 57 Islamic countries.
Highlighting this year’s theme, “Developing Effective Trade Financing Tools for Increasing Exports in the OIC Member Countries,” Jam Kamal Khan stressed the need for expanding access to affordable and innovative financing solutions, particularly for small and medium enterprises (SMEs).
He said SMEs need support to enter international markets and become competitive exporters.
The Minister said Pakistan has undertaken concrete measures to modernize its trade ecosystem, reduce export-related risks and facilitate businesses seeking access to new markets.
He highlighted the operationalization of the Export-Import Bank of Pakistan (EXIM Bank), which provides trade credit insurance, guarantees and refinancing facilities to protect exporters and support their expansion into international markets, including OIC countries.
Jam Kamal Khan informed the gathering that Pakistan is also expanding Shariah-compliant financing instruments, including Murabaha, Salam and Ijarah, to provide businesses with alternative financial solutions consistent with Islamic principles.
Emphasizing financial accessibility, he said Pakistan is digitalizing export credit processes through integrated online portals connecting commercial banks and development finance institutions. These initiatives would reduce processing times and improve access to financing for micro, small and medium enterprises (MSMEs).
He further said Pakistan has substantially enhanced concessional financing facilities for exporters to strengthen their competitiveness.
The Commerce Minister underscored Pakistan’s role as host of the headquarters of the Islamic Chamber of Commerce and Development (ICCD), describing it as an important platform connecting the private sectors of 57 Islamic countries. He reaffirmed Pakistan’s continued support for ICCD as a bridge between businesses and policymakers to promote investment and commercial partnerships.
Referring to emerging global economic challenges, Jam Kamal Khan emphasized the need for closer cooperation in digital integration, artificial intelligence and sustainable development to modernize economies and strengthen regional connectivity.
He appreciated COMCEC’s role in promoting multilateral economic cooperation and thanked the Government of Türkiye for its hospitality.
Concluding his address, he urged OIC member states to work collectively towards greater economic integration and sustainable prosperity, expressing confidence that enhanced cooperation would strengthen their collective position in the evolving global economic landscape.