|
|
Islamic Common Market
 Islamic
Common Market Network
|
To date, the Organisation of the Islamic Conference (OIC) has 57 member countries, most of which are located in North Africa, Middle East (West Asia), and South East Asia. The fact that the OIC holds one fifth of the world’s territories, and a combined population of over one billion, is sufficient proof of the existence of a potentially massive market for economic activities. More precisely, the trade generated by OIC member countries amounts to about USD 400 billion, but a total of 90 over percent unfortunately still remains untapped by the Islamic countries themselves. Yes, a potentially HUGE market for the Islamic world, but only to be exploited by the non member and/or non Islamic countries. How ironic it seems. Sadly, trade among Islamic countries reaches less than a mere 10 percent of the total transaction. Despite owning abundant resources and various degrees of development, they exchange a scanty share of their trade with one another. Without a doubt then, the economic and commercial cooperation among the Islamic countries stands at a low level, still. Whether this owes to colonialism, civil wars, inadequate education and facilities, or plain attitude and culture, the fact remains, Islamic countries are way behind in world trade volumes and GDP compared to the rest of the world. As another irony, OIC member countries achieve less than seven percent of the global trade, despite holding a quarter of the world’s territories. A staggering finding indeed! Hence, the attempt to form an Islamic Common Market (ICM). Theoretically, the ICM is the most suitable, if not the best, strategy to boost inter-Islamic trade. As a strategic mechanism, it can be regarded as a comprehensive solution as its implementation addresses almost every global challenges and issues that are apparent today. The idea is to realize an exclusive market for the Islamic countries and people; one that is so carefully designed to succeed in the face of daunting globalization and technological transfers, impending trade liberalizations and regimes, imposing multilateral trading systems and trade barriers, and etc. And, the key mantra is to reap the opportunities that come with these challenges, rather than to fall smack-faced through the global waves of change. Support, apparently, comes from many. The OIC Secretariat and all of its related bodies and associates, for one, have been mobilizing their power, experiences, and efforts towards materializing the ICM. For instance, the IDB, from its establishment of the Trade Cooperation and Promotion Program, to the strengthening of private sectors in the Islamic countries, have done much to promote and raise the level of economic cooperation between the member countries. Moreover, as a follow up to ICM’s first gathering held in September 2000 and the leaders’ 9th OIC Summit, 2000 held in Doha, it is assumed that a strategic committee is all set up by now. The fact that the formation of the ICM is to be monitored on a stage-by-stage schedule, and that action groups be appointed to address all key aspects pertaining to its formation – issues of modern global business such as electronic trade, market surveys, relative advantages and disadvantages, standards for transport, services, commerce, customs, and the Islamic stance vs the World Trade Organization – gives a positive indication on the materialization of the ICM. But as of today, one might wonder, with all these powerful support and good intentions to speed things up, what is slowing the process? At the inaugural session of the 25th meeting of the Islamic Committee for Economic, Cultural and Social Affairs early this year, the Secretary-General of the OIC, Dr. Abdul Wahed Belkeziz, was reported to have expressed his disappointment concerning the formation of the ICM. He was saddened that things are not moving as fast as one would have hoped in realizing an Islamic economic integration, and had urged member countries to hasten action in this regard, particularly in view of the globalization phenomenon that is sweeping the world. Many believe that cooperation, ironically, is the main barrier to the fruition of ICM. Where the eventual formation of ICM will manifest the inter-Islamic economic and commercial cooperation, members must realize that it also works the other way round. Hence, sincere cooperation among the member countries towards the materialization of the ICM is what is mostly required. As a matter of fact, it wouldn’t be too far-fetched to say that the lack of serious cooperation and realistic measures in and between most countries is the very hindrance to ICM’s success. Some member countries, unfortunately, seem to anticipate the broadening of trade merely based on their joint Islamic identity or membership in the OIC, when in truth, what is really needed is a realistic and working foundation for commercial and economic relations between them to spur. As President Khatami rightly pointed out in the ICM’s first gathering, the true idea of ‘cooperation’ should assume these two dimensions: First, intellectual, spiritual and research cooperation; and second, the creations and implementations of suitable grounds for pursuing the goal. Economic theories, too, have indicated and proven that any country in the world will not be able to achieve economic progress, unless she conducts and implements comprehensive and serious scientific studies towards the desired goal. So, essentially, what is being called for is the carrying out of relevant research and studies, in and (cooperatively) between, the member countries, since the concern of ICM is to achieve a mutual ground for all its members’ economic growth. Only with the necessary research findings, will the member countries be able to effectively draw up the specific agreements to achieving that mutually profitable economic and commercial cooperation so sought after. For ICM to materialize, and for the benefit of every OIC member countries, they should be complimenting each other through sincere and mutual cooperation than competing with each other. They must look at themselves as a single internal entity in that respect; working together towards a common attainment. By doing so, the strength and solidarity of the Islamic countries, especially in commercial and economic terms, will only increase their power of competition at the international and global level. Many out there would agree that sincere cooperation is what is seriously needed right now for ICM to happen. Talks are good, but talks alone are useless without serious actions and implementations. The so-called participators must begin to realize the need for active involvement and collaboration, than just to sit back; hoping for a miracle to take place. The fact is, it cannot and will not work without realistic measures that are followed through till the end. Honestly, the ICM will be nothing but a dream if immediate actions are not taken by the Islamic member countries themselves. The task is on each and every one of the members’ shoulders, and not just on some ‘chosen’ ones. Let’s do our parts and help make it happen then, shall we? |
