Egypt Hosts D-8 Summit: A Pivotal Moment for Global Economic Cooperation

Egypt played host to⁤ a ⁤landmark summit of the Developing-8 ​(D-8) Association for Economic ⁢Cooperation on December 19th, marking the⁣ first such event in 24 years. this gathering of eight ⁤developing nations holds meaningful weight in ‌the global economic landscape, representing a combined GDP of $5 trillion and approximately 14% of the world’s population.

The summit’s importance was underscored by economic expert Wafaa Ali, who, in an interview, highlighted the D-8’s resurgence and its crucial role in fostering sustainable advancement and strengthening its ⁤international presence. ​ “The current situation indicates a strong resurgence of the D-8 Organization at the summit level,” Ali stated. She emphasized the​ organization’s potential to bridge development gaps and navigate the complexities of global competition and geopolitical tensions.

Ali further explained Egypt’s ambitious economic strategy, focusing on diversification and collective ⁤investment. “Egypt is striving ​to build a sustainable and competitive economy by diversifying‍ its economic portfolio and fostering a new culture of collective investment for a brighter future,” she noted. This strategy aims to promote the collective ⁣rise of emerging economies and establish a sustainable development model for regional blocs.

The summit agenda ‌included proposals for significant economic‍ reforms. Ali advocated for reducing customs ⁣barriers, expanding the energy transition, and⁤ creating networks of economic research centers.she also suggested establishing a fund‍ to support collaborative projects and a preferential trade agreement among member states. ‌ “All these measures are considered significant​ steps considering global ‌developments,” Ali explained, emphasizing Egypt’s key role as a partner for developing nations in the Middle East and Africa.

Fellow economic expert Ahmed saeed echoed the importance of the summit, emphasizing the shared characteristics of the D-8 member ​states,‍ particularly their large populations and urgent need ‌for technology transfer. “Hosting the D-8 summit is of great importance ‍to Egypt as the participating countries‌ share similar characteristics, such as large populations and urgent needs for technology ‌transfer,” Saeed said. He believes the shared needs present a unique chance for​ collaboration, potentially leading to initiatives like a unified technology‍ university and joint capital investments.

Saeed further highlighted the potential for strategic partnerships ⁣born from this collaboration. “Meeting with partners who share the same needs and challenges motivates⁤ Egypt to ‍form economic, strategic, and technological partnerships,” ⁤he stated. He anticipates the establishment of a technological institution or university to facilitate technology transfer among​ member‍ states as‌ a ⁤key outcome of the summit.

The D-8 summit in Egypt represents a significant step towards strengthening economic cooperation among developing nations.​ The initiatives discussed, from trade ⁣agreements to​ technological collaborations, hold the potential to reshape the economic landscape of the participating countries⁣ and contribute to global economic stability. The event’s success will be closely watched by international observers as a potential model for future collaborations among ⁤developing nations.

Egypt⁣ Hosts ⁣D-8 summit: A ‌Pivotal Moment for Global Economic Cooperation

world-Today News Senior Editor Andrea Miller Discusses the D-8 Summit with Economist Dr. Omar Hassan



Egypt played ​host to‌ a⁢ landmark summit of the Developing-8 (D-8) Association for Economic Cooperation on December 19th, marking the first⁣ such event in 24 years. This gathering of eight developing nations ⁤holds significant⁣ weight in​ the global economic landscape, representing a combined ‍GDP​ of $5 trillion ⁣and approximately 14% of the world’s⁢ population. World-Today News Senior Editor Andrea Miller spoke with economist Dr. Omar Hassan to unpack the summit’s importance and explore its potential impact.

A Resurgence of the D-8

Andrea Miller: Dr. Hassan, the D-8 summit has garnered considerable attention. What makes this event so significant?



Dr.Omar Hassan: This summit signals a strong resurgence of the D-8⁤ organization. it’s not just about the meeting itself but ⁤the renewed commitment from member states – Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey – to collaborate on issues of mutual economic interest.The D-8 has immense potential ​to bridge the progress gap‌ and carve out ⁤a space ‍for itself in a world grappling with geopolitical tensions and global competition.

Egypt’s Aspiring Economic Strategy

Andrea Miller: Egypt is playing a key role‍ in this revival.How does the summit fit into Egypt’s broader economic strategy?



Dr. Omar Hassan: Egypt is spearheading a ‍strategy​ focused on‍ diversification ‍and collective investment.the goal is to build a sustainable and competitive economy, moving away from over-reliance on conventional sectors. By fostering a collaborative surroundings⁤ within the D-8,Egypt aims to attract foreign ‍investment,promote​ innovation,and ultimately create a more prosperous future for its citizens and the region.

Concrete Steps Towards Economic Cooperation

Andrea Miller: What specific economic initiatives were discussed at the ‌summit?



Dr.⁣ Omar Hassan: There was ⁤a strong focus on ‌tangible actions. Proposals included ​reducing customs barriers⁤ within the D-8, accelerating the energy ⁢transition towards renewable sources, and creating‍ networks ⁢of economic research centers ‌to share knowledge and expertise. The establishment of a fund to support collaborative projects and a preferential‍ trade agreement amongst member states were also key discussion points. These are significant ‍steps, and their successful implementation could have a ​transformative impact on ⁣intra-D-8‌ trade and investment.

The D-8 and the Future of Development

Andrea Miller: ⁤Looking ahead, what do ⁢you see as the long-term implications of the D-8 summit?



dr. Omar Hassan: This summit serves as a powerful⁢ symbol of South-South cooperation.



The D-8 can act as a model for other developing nations⁢ seeking to collaborate and address shared⁣ challenges. By working together, member states can enhance their bargaining power‍ on the global stage and ⁢advocate for policies that promote inclusive and sustainable ‍development. The success of the D-8 ⁤depends ​on the commitment and effectiveness of its member states, but the potential for genuine progress is certainly there.



Andrea Miller: Dr. Hassan, ​thank you for ‍sharing⁢ your valuable insights.



Dr. Omar Hassan: my pleasure.