D-8 CCI seeks more stake in global halal market

D-8 Chambers of Commerce and Industry (D-8 CCI) has set a five-year strategic roadmap target to increase its stake in the global halal economy by 2029.

"Currently, Turkey and Malaysia have significant contributions to the halal economy among the D-8 countries. However, there is no global standardisation for it. We are discussing how Bangladesh and other D-8 countries can take part in global standardisation," D-8 CCI President Sheikh Fazle Fahim said on Sunday.

Fazle Fahim on Sunday addressed a press conference at the D-8 CCI's temporary secretariat in Dhaka's Banani on the organisation's strategic roadmap for 2024-29 taken on its third general assembly held virtually on 28 February.

"Indonesia has proposed creating an ecosystem for the $3 trillion global halal economy within the D-8 countries. This includes not only food, but also cosmetics, pharmaceuticals, furniture, and building materials. However, most non-Muslim countries control this market," he said.

Fazle Fahim, former FBCCI president, also mentioned that currently, Bangladesh's stakes in the global Halal economy are negligible.

"However, Bangladesh is among the top few countries in the world in vegetable production and livestock. This can be an opportunity if halal standardisation is done.

"Our current export basket is not the right way forward. We need to expand our export basket. So, we need to find ways to promote our strong sectors," he added.

Global Halal Food Market is predicted to be valued at around $4,569.69 billion by 2030, according to ResearchAndMarkets.com, a leading source for international market research reports and market data.

The general assembly approved a proposal from the Indonesian Chamber of Commerce and Industry (Kadin) to host an International Halal Exposition in Jakarta this April.

The event will be held in collaboration with D-8 CCI and involve participation from business communities and national chambers across all member countries.

The D-8 is an economic bloc for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. The countries together compose a $5 trillion economy with diverse strengths in primary, secondary, tertiary and quaternary sectors.

The assembly also highlighted the enhancement of trade through Preferential Trade Agreements (PTAs).

"PTA is under discussion, however, a free trade agreement is more essential at least for some particular products. PTA has already become backdated," said Fazle Fahim.

D-8 CCI also discussed how to promote arbitration among the member countries for smooth and uninterrupted development of business, investment and trade.

The member present emphasised the need for pegged-price guarantees among countries that are essential considering the global volatile financial situation which has a severe impact on inflation, price hikes, and energy and food shortages.

"To address the situation, an integrated strategy supported by currency swapping, alternative trade mechanism and barter system to be introduced among the member countries. In this context, there is an immediate requirement of carrying out in-depth studies," D-8 CCI Secretary General Ashraful Haq Chowdhury said.

He mentioned that a D-8 ministerial level meeting would be held on Monday in Dhaka that will discuss the trade and economic potentials.

The general assembly was also attended by D-8 Secretary General Ambassador Isiaka Abdulqadir Imam.