In today's world, COMCEC has become an issue of great importance and relevance in society. Its impact has extended to all aspects of life, from politics to culture, technology and economics. With the passage of time, COMCEC has evolved and acquired a new dimension, arousing the interest and concern of professionals, experts and citizens in general. In this article, we will explore in depth the impact of COMCEC and analyze its influence on different areas of our daily lives.
The Standing Committee for Economic and Commercial Cooperation (COMCEC) is one of four standing committees of the Organisation of Islamic Cooperation (OIC). It was established in 1981 at the Third Islamic Summit Conference held in Mecca/Ta'if and serves as a multilateral economic and commercial cooperation forum in the Islamic world. The committee convenes annually at ministerial level in Istanbul under the Chairmanship of the President of the Republic of Turkey.
The organization defines its scope of cooperation by trade, transport, agriculture, tourism, poverty alleviation, and financial as well as private sector cooperation.
The COMCEC lists following objectives on its website:
The Trade Preferential System aims to promote trade among the Member States of the OIC by means of exchanging preferences. It includes a Most-Favored Nation clause, providing that all states participating in the TPS-OIC receive equal trade advantages as the "most favoured nation" by the country granting such treatment.
The official website indicates a goal of 20% intra-OIC trade by the year 2015. However, some economists consider this goal to be unrealistic.
Year | intra-OIC trade (as % of total trade) |
---|---|
2009 | 16,7% |
2010 | 17,0% |
2011 | 17,8% |
2012 | N.A. |
2013 | 18,2% |