PM envisions Islamic Economic Union
Staff Report

ISLAMABAD—Prime Minister Shaukat Aziz Sunday proposed to set up an ‘Islamic Economic Union’ by entering into multilateral free trade agreements as well as promoting the free flow of capital, labour, goods and services among the Muslim countries.
Addressing the opening session of second World Islamic Economic Forum here at Convention Centre, the Prime Minister said all the Muslim countries together can create a world-class capital market to attract international capital, which would enable them to finance the growth and development.
Shaukat Aziz said the Organization of Islamic Conference (OIC) and Islamic Development Bank need to be repositioned and reinvigorated to achieve the goals of setting up “Islamic Economic Union”. He said the Muslim world, with its rich resources, vibrant energies and unflagging determination, could overcome the challenges and open new avenues of progress and prosperity not only for Muslims but for entire humanity.
The second World Islamic Forum on the topic of “The way forward for Muslim economic renaissance” has been organised by World Islamic Economic Forum Foundation, with the cooperation Government of Pakistan, in association with Asian Strategy and Leadership Institute, Islamic Centre for Development of Trade, Islamic Chamber of Commerce and Industry, Ministry of Economic Affairs and Ministry of Foreign Affairs of Pakistan and being attended by over 500 delegates.
Prime Minister Shaukat Aziz in his inaugural address said the forum would provides a great opportunity for exchange of ideas and experiences. He said Muslim world is rich in human capital as well as physical resources and has immense potential for growth, progress and prosperity.
He said the Muslim Ummah constitute one-fifth of humanity and people are intelligent, industrious and enterprising. The Prime Minister said nature has blessed the Muslim countries with vast natural resources which include 70% of the world’s hydrocarbon reserves. He said a vast majority of Muslims live in poverty and backwardness and nearly 39% of the world’s Muslim population lives below the poverty line.
He said, “We (Muslims) make up 19% of the world’s population but only 6% of its income. Our share in global trade is barely 7 - 8%, while only 13% of our total trade is amongst ourselves and no Muslim nation is among the group of developed industrialized countries”. The Prime Minister said the way forward in the highly competitive and inter-dependent world is through improved governance and reform within individual Muslim states on the one hand and by exploring new avenues of mutual cooperation based on commonality of interest on the other.
Shaukat Aziz said the Muslim world is faced with serious and multiple challenges adding that progress has been made in many areas but a lot more needs to be done.