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D-8 intra-trade reaches $150b: Minister opens meeting on halal products

byCustoms Today Report
28/04/2015
in Business
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ISLAMABAD: Federal Minister for Science and Technology Rana Tanveer Hussain has inaugurated a two-day D-8 Experts Group meeting under the tile of “Harmonising Halal practices – let’s do it together” here at local hotel.

Addressing the inaugural ceremony, the minister said that the theme of the meeting itself conveys the need of mutually supported strategies for moving ahead to address this subject of international significance.

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Tanveer Hussain said that this event would not only strengthen the unified comprehensions on subject rather it would go much further for trade relationship in Halal sector among the D-8 countries.

He said that the federal government for the first time is enacting a law for promoting exports and imports of food and non-food products and to encourage development of Halal industry in the country through policy interventions.

The minister said that Pakistan Halal Authority (PHA) is being established through an act of the Parliament with a purpose to promote import and export, trade and commerce with foreign countries and inter-provincial trade and commerce in Halal articles and processes.

He said that the ministry attached departments have taken a number of initiatives and steps to promote the Halal sector, adding that this includes formulation of relevant standards, establishment of Halal authentication laboratory at PCSIR Labs Complex, Lahore and Launching of Halal Accreditation Scheme according to Pakistan Standard PS 4992-2010 formulated in-line with the requirements of OIC/ SMIIC Halal guidelines.

Highlighting the importance of trade, the minister said that trade was of immense importance for cooperation among the D-8 countries as the volume of D-8 intra-trade increased remarkably to almost $150 billion 2014 from $15 billion in 1997. The D-8 leadership was aiming to increase the intra-trade up to $500 billion by 2018, he claimed.

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