ANKARA, 9 March 2012: Pakistan has ratified the D-8 Preferential Trade Agreement (PTA). The Instrument of Ratification was handed over to the D-8 Secretary General Dr. Widi A. Pratikto by the Consul General of Pakistan Dr. Yousaf Junaid in Istanbul today. The ratification of D-8 PTA by Pakistan signifies its commitment to the D-8 objectives of promoting and developing economic and commercial cooperation among the member states of D-8 group.
The D-8 Group was established in 1997 at the initiative of Turkey, to promote development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. The establishment of D-8 was announced officially through the Istanbul Declaration of Summit of Heads of State/Government on June 15, 1997. D-8 member countries have a population of more than 961 million which represents almost 15% of the world population. Total trade among D-8 countries has grown from US$ 14.5 billion in 1999 to US$ 1.15 trillion in 2009. Pakistan trade with D-8 countries accounts for 8.14% of its overall trade which is the highest as compared to the trade of other D-8 member states with members of the organization.