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  • Possibility of an Islamic Common Market

  • June 19, 2006
  • Colin Neville
    JID News

    The prospect of an Islamic common market will be discussed this June at the Organization for the Islamic Conference (OIC) in Baku, Azerbaijan.  Foreign ministers from member nations, which total over 50 nations, will discuss several issues of importance, including local, regional, national, and international concerns.  

    Among issues on the docket will be the Palestine-Israel conflict, the conflict in Cyprus, Afghanistan, Iraq, the entire Middle East peace process and economic development.  Another major topic that shall be thoroughly discussed is that of Iran and its persistent nuclear ambitions.

    There will also be the economics-heavy discussion of a common market for Islamic nations.  The implications of this are very interesting.  A common market for Islamic nations can be very beneficial.  As seen though the European Common Market, a zone such as this can aid in the movement of capital (flow of money) across borders and the flow of people across borders.  Workers from all over other Islamic nations will be able to move easily in and out of nations.

    There are also talks of a common currency among Gulf Cooperation Council (GCC) nations.  This monetary integration will also symbolize a step forward economically for the nations.  There will be an ease of transactions across borders.  Business owners will not have to worry about exchange rates and neither will tourists and other travelers.  

    This particular conference will prove to be a stepping stone for the Islamic Summit in late 2006 in the state of Senegal. 


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