Istanbul, November 02 (QNA) - The State of Qatar took part in the 42nd session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), held in Istanbul, Turkey, from Oct. 31 to Nov. 3, 2026. The event brought together ministers, senior officials, and representatives from OIC member states and affiliated institutions.

HE Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al-Thani, led the Qatari delegation to the ministerial meetings. The discussions focused on strengthening economic and commercial cooperation among OIC member states, developing mechanisms for joint action, and expanding intra-OIC trade and investment, all aimed at addressing economic challenges and fostering opportunities for growth and sustainable development.

In a statement issued today, the Ministry of Commerce and Industry noted that Qatar's participation aligns with its commitment to advancing joint Islamic economic action, promoting trade and investment integration among member states, and developing economic partnerships. These efforts are intended to open new horizons for the private sector, facilitate the flow of trade, and enhance the competitiveness of the economies of OIC member states.

The ministerial discussions centered on "developing effective trade finance instruments to boost exports among OIC member states." This includes improving access to trade finance, developing export guarantee mechanisms, and enhancing the capacity of companies, particularly small and medium-sized enterprises (SMEs, to access foreign markets. The session takes place against a backdrop of projected continued growth for the economies of member states. The "OIC Economic Outlook 2026" report, issued by the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), forecasts that the combined GDP of member states will rise from approximately USD 10.79 trillion in 2026 to USD 11.27 trillion in 2027.

The meetings also reviewed efforts to implement the COMCEC strategy, enhance economic and trade cooperation, and operationalize the Trade Preferential System among member states. Furthermore, discussions covered various initiatives aimed at bolstering the role of the private sector and advancing economic and commercial relations between Islamic nations.

On the sidelines of the session, HE Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al-Thani met with HE Minister of Foreign Trade of the United Arab Emirates, Dr. Thani bin Ahmed Al Zeyoudi.

During the meeting, the two sides reviewed cooperative relations between their countries across the economic, trade, and investment sectors, exploring ways to further strengthen and develop these ties, in addition to discussing several topics of mutual interest. (QNA)