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December 19, 2024 | 10:17 pm
TEMPO.CO, Jakarta - President Prabowo Subianto has called on the member states of the Developing Eight (D-8) to collaborate in harnessing the potential of the blue economy. One strategy, he suggested, is to establish Preferential Trade Agreements.
During his address at the 11th D-8 Summit held at the Presidential Palace in New Administrative Capital, Cairo, Egypt, on Thursday, December 19, 2024, Prabowo highlighted the economic potential of the bloc. He highlighted the group's position as the world's third-largest economic bloc and its projected ranking among the top 25 economies by 2050.
“One of our greatest untapped potentials is our shared maritime resources. With access to major world oceans such as the Atlantic, Mediterranean, Indian, and Pacific, all D-8 countries are uniquely positioned to leverage the benefits and resources of the blue economy,” Prabowo said, as quoted in a YouTube video by @egyptianpresidency.
According to Prabowo, D-8 members must capitalize on this potential. Citing the global fishing industry's value of US$600 billion, he argued that a focused effort on the blue economy could strengthen the economies of D-8 member states.
However, to realize real benefits for their citizens, Prabowo proposed that D-8 members deepen economic integration and cooperation. He advocated for the implementation of Preferential Trade Agreements, which involve reducing or eliminating tariffs and non-tariff barriers between participating countries.
Additionally, Prabowo suggested the creation of more streamlined and integrated customs procedures for trade, as well as the development of halal value chains.
Beyond economic cooperation, he envisioned the D-8 as a global South movement, advocating for a more just and equitable global order. “We must work together to unite and overcome our differences. We must prioritize the collective good of our people,” he added.
He stressed that without unity, D-8 would be weaker and more susceptible to exploitation. He also suggested inviting more countries to join the group to strengthen its position.
“Once again, we must learn from the current geopolitical situation. Without unity, without overcoming our differences, we cannot be strong,” he emphasized.
He further highlighted the significance of solidarity in supporting the Palestinian cause. “We say we support Palestine. But if we are weak, how can we support Palestine? Therefore, Your Majesty, let us leverage our collaboration.”
The D-8 member states include Indonesia, Egypt, Bangladesh, Iran, Malaysia, Nigeria, Pakistan, and Turkiye.
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