Commerce Minister Jam Kamal Khan urges Islamic countries to expand intra-OIC trade, promote Islamic financing, support small businesses and strengthen food security at the 42nd COMCEC session in Istanbul.
Pakistan has called for stronger economic solidarity, improved access to trade financing and coordinated efforts to increase trade among member states of the Organization of Islamic Cooperation (OIC).
Federal Minister for Commerce Jam Kamal Khan made the call while addressing the closing session of the 42nd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul, Türkiye.
The high-level gathering was chaired by Turkish Vice-President Cevdet Yılmaz.
Speaking on behalf of OIC member states, Jam Kamal Khan said geopolitical tensions, supply chain disruptions, financial vulnerabilities and rising protectionism had made economic cooperation among Islamic countries increasingly important.
He highlighted the considerable economic potential of OIC countries, citing their geographical advantages, natural resources and human capital, which could generate shared prosperity through stronger partnerships and coordinated policies.
Five priorities for stronger trade financing
Referring to the session’s theme, Developing Effective Trade Financing Tools for Increasing Exports in the OIC Member Countries, the minister stressed that affordable and sustainable financing was essential for improving export competitiveness and economic growth.
He noted that micro, small and medium-sized enterprises (MSMEs) continued to face difficulties accessing finance because of high collateral requirements, regulatory differences, transaction costs and lengthy administrative procedures.
Jam Kamal Khan outlined five priority areas for cooperation:
1. Regulatory reforms: Harmonising national legal, regulatory and supervisory frameworks to facilitate cross-border transactions and trade financing.
2. Diversified financing: Expanding export credit guarantees and introducing innovative financial instruments suited to exporters, particularly MSMEs and technology-driven businesses.
3. Islamic finance: Promoting Shariah-compliant trade financing, risk-sharing arrangements, Islamic export credit insurance and cooperation among Islamic financial institutions.
4. Digital transformation: Integrating customs and banking systems, electronic trade documentation and single-window platforms to reduce transaction costs and simplify cross-border procedures.
5. MSME financing: Improving access to targeted financing, credit guarantees, financial literacy programmes and technical assistance, particularly for women- and youth-led businesses.
The minister also called upon COMCEC to translate policy recommendations into measurable results through project support, research and institutional cooperation.
Agriculture, investment and food security
Highlighting broader economic priorities, Jam Kamal Khan described the private sector as a key partner in promoting investment, innovation, industrial development and employment.
He encouraged stronger business-to-business connections among OIC countries to create opportunities for trade, investment and joint economic ventures.
On agriculture, he urged member states to increase cooperation in research, technology transfer, resilient food systems and sustainable agricultural value chains to strengthen long-term food security.
Pakistan reiterates support for Palestine
Addressing the Palestinian situation, the commerce minister reaffirmed OIC member states’ support for the Palestinian people’s right to self-determination.
He expressed serious concern over Israeli aggression, the humanitarian crisis in Gaza, violations affecting the historical and legal status of Jerusalem and the expansion of illegal settlements.
He called for an immediate cessation of violations and compliance with relevant United Nations resolutions to achieve a just and lasting resolution.
Concluding his address, Jam Kamal Khan said the success of the 42nd COMCEC session would depend on implementing its decisions rather than simply adopting recommendations.
He expressed hope that the forthcoming 43rd session would build on the progress achieved in Istanbul and advance economic cooperation and development across OIC member states.