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News Code: 1099


Islamic World to Establish Common Market

Iran has organized the first meeting of the “Union of the Islamic World Merchants”;
The main goal of the event is said to promote unity among Islamic countries and further economic and trade cooperation among the Muslim businessmen.
Businessmen from almost 20 countries took part in the two-day even in Kish Island south of Iran.
Speaking at the opening ceremony advisor to Iran’s President Akbar Torkan said that Iran’s free trade zones can prepare the ground for the establishment of a common market among Muslim countries.
During the conference the participants proposed the formation of a single currency and common Islamic market.
According to an official report released in 2013, Muslim consumers’ global expenditure on the food and lifestyle sectors (including cosmetics and tourism) stands at $1.62tln. It puts the figure at $2.47tln by 2018; the volume of trade among Muslim countries currently stands at about 2.3 trillion dollars.
Experts believe that in view of the huge economic potential and investment opportunities in Muslim countries, forming a common Islamic market will be a success.
Source: Press TV