On the one hand, conflicting messages are coming from the us as it enters a new era with a new president. On the other hand, the European Union is shaken by the UK's decision to leave the union. At the same time, new borders are being redrawn in the Middle East. China is taking steps towards world leadership both politically and economically.Needless to say, the world is going through a period of significant change.The cards are being shuffled, in terms of global economy and trade. Now Turkey has put its diplomatic and economic efforts into overdrive, particularly after the july 15th failed coup attempt. Turkey says: 'the world is bigger than five.'
Turkey rejects hypocrisy..While Turkey has given an ultimatum to the European Union, closer ties are being forged with the Shangai Five. Yet there is another potential union to consider too.Whether measured in terms of spiritual unity or trade cooperation, this union is growing every day.A union that, once again, has come to the fore.Islamic unity. The Organization of islamic Cooperation.
Trade volumes between 57 Muslim countries are proof that moral and material Islamic unity is possible.Turkey is the second largest country of the Islamic world after Indonesia, if seen in terms of its 820 billion dollar economy.Muslim countries are expected to achieve an average annual 5.4 percent growth rate between 2015 and 2019.In the same period, the world's average annual growth rate is expected to be 3.6 percent.Brazil, Russia, India, China and South Africa, the so-called "BRICS" will achieve 3.9 percent.Member countries of the Organization of Islamic Cooperation claimed a 3.43 trillion dollar share of world trade in the last quarter of the previous year an increase of 93 percent over the last decade.
It is anticipated that trade volumes between member countries will reach 25 percent by 2025.With 478.4 billion dollars in investments, the united Arab emirates, ranks number one among world trade investors among member countries. saudi arabia comes second with 379 billion dollars. third is malaysia with 376.4 billion dollars. Turkey's share, fourth on the list, is 10.3 percent with 351 billion dollars.
The European Union, with it's 505 million population, produces 16 trillion dollars of gross economic output. Per capita income is 36 thousand dollars.The total amount of national gross output of the 57 Muslim countries, all members of the Organization of the Islamic Conference, reaches 8 trillion dollars.
It is predicted that the economic weight of Muslim countries will reach 10 trillion dollars by 2019. the total population of these Muslim countries' is around 2 billion.
The D-8 is a significant institution in this sense.8 developing countries: Turkey, Iran, Pakistan, Bangladesh, Malaysia, Indonesia, Egypt and Nigeria...
These 8 countries, all members of the Organization of Islamic Cooperation, came together under the leadership of Turkish Prime Minister Necmettin Erbakan in 1997.At the time, the national gross output of these eight countries was 690 billion dollars.Today, the figure is above 2 trillion. 64 percent of the population of the 57 member countries of the Organization of Islamic Cooperation live in D-8 countries. These eight countries make up 53 percent of national gross output among Muslim countries.
The developing eight also make up 40 percent of total foreign trade for Muslim countries. The D-8's share of world trade volume is 1.7 trillion dollars. Trade volume amongst D-8 countries is around 130 billion dollars. the aim is for trade volume among D-8 countries to increase up to 500 billion dollars by 2018.
The Islamic finance sector's potential is expected to reach around 7 trillion dollars. The size of the halal food and life market exceeds 2 trillion dollars.Efforts to establish a gold exchange between Islamic countries are still ongoing.
