The D8 Commission on Monday in Abuja established a Preferential Trade Agreement (PTA) to facilitate the improvement of investment and economic cooperation among member states.

The commission, established in 1997, comprises developing nations of Nigeria, Egypt, Turkey, Malaysia, Bangladesh, Indonesia, Iran and Pakistan, with the aim of promoting economic growth and development among member countries.

Nigeria, which on Sunday assumed chairmanship of the commission, is also hosting the 28th session of the commission, which began on Sunday and ends on Thursday with the theme ``Enhancing Investment Cooperation among D8 Member States''.

Speaking at the D8 Business Forum, Nigerian Minister of Commerce and Industry Jubril Martins-Kuye lauded the PTA, which seeks to promote free trade among member countries and eliminate non-tariff barriers such as quotas, border charges, fees and taxes on trade transactions.

Martins-Kuye said the PTA covers 8 percent of D8 country tariff lines above 10 percent.

"In this respect, tariffs greater than 25 percent will be reduced to 25 percent, while tariffs between 15 to 25 percent will be cut down to 15 percent, as well as a 10 percent reduction for tariffs between 10 to 15 percent," the minister said.

He said the agreement would, among other things, promote global trade and investment as the scope applied to trade in goods, phases of tariff reduction as contained in the D8 road map.

The roadmap aims to encourage greater economic cooperation among member states through the mobilization of resources from the government and private sources in implementing D8 projects.

The minister, who expressed the government's renewed efforts in creating an investment friendly environment, said that opportunities exist in the areas of industrial development, transportation, agriculture, tourism, solid minerals, energy, ICT and oil and gas among others.

Also speaking, Secretary-General of the D8 Federation of Chambers of Commerce, Industry and Mines Abdoleza Hanjani, said the private sector must be encouraged to participate in D8 programs, while describing them as the drivers of the economy.

Hanjani, who said that the PTA is a positive development, urged the commission to address issues of visa and free movement, noting that they still pose a challenge to economic development.

Nigeria's has two- year tenure as chairman of the group.

Source: Web