The trade among the Developing Eight, or D-8, countries, which represent a total population of 1 billion people, hit $100 billion in 2010, according to Turkey’s Science, Industry and Technology Minister Nihat Ergün.
“I believe we will double this figure in the next five years,” the minister said, speaking at a D-8 Industry Ministers’ summit in Istanbul on Tuesday.
The D-8, an initiative launched by former Turkish Prime Minister Necmettin Erbakan in 1997, includes Iran, Pakistan, Bangladesh, Malaysia, Indonesia, Egypt and Nigeria, along with Turkey.
The trade between D-8 countries constitutes 7 percent of their total trade volume, Ergun said. “This is good news of course. But still it is not satisfying.”
Commenting on regional unrest, Widi Pratikto, the D-8 secretary-general, said during his speech, “We can overcome these hard times by working together.