Scholars under the aegis of the Association of Muslim Scholars Ekiti State University, gathered recently at the Kwara State College of Education Ilorin Central Mosque for a lecture on international trade with emphasis on the role of the Organisation of Islamic Cooperation (OIC) in international trade. The guest lecturer, and astute international trade expert, Dr Yusuf Agboola presented the lecture titled: prospects and Challenges of Bilateral Trade Relationships between Malaysia and OIC members Countries in Africa.

The OIC was founded in 1969 and consists of 57 member countries with a total population of over 1.6 billion, and they are geographically spread across four continents. This organization has worked collectively and speaks in one voice about the Muslims in the world to protect and safeguard the collective interest of their members throughout the world and promote international peace and harmony.

According to Dr Yusuf, current trends among OIC member nations have necessitated the evaluation of the prospects and challenges of the bilateral trade relationship between Malaysia and African countries that are members of OIC using The SWOT (strength, weaknesses, opportunities and threats) analysis. The determinant and prospect of bilateral trade flow of Malaysia and its African OIC member countries. Dr Yusuf further explained that the bilateral trade relationship between Malaysia and OIC African countries has proven to be an important segment of international trade in recent times.

“In the context of promoting bilateral trade flow between Malaysia and African countries that are members of OIC countries, there should be an inflow of foreign direct investment (FDI to complement trade activities and strengthening institutional qualities among the member states. Most of the countries in Africa that are members of OIC countries are relatively poor. Designing a programme for OIC countries in Africa through setting up a fund for infrastructure development will enable them to benefit more from OIC member countries. It is imperative to ensure that this fund should be properly channelled and utilized with adequate monitoring so that the fund can be mainly used for development of infrastructure projects and not diverted to other projects” maintained Dr Yusuf.

The guest lecturer maintained that one of the main reasons for establishing the Islamic Common Market (ICM) is to eliminate these restrictions by allowing a free trade environment. According to him, the collective dialogue to establish the Trade Preferential System among the OIC (TPS-OIC) should be a way of reducing or eliminating such barriers that can hinder the free flow of goods and services between Malaysia and Other OIC countries in Africa. “This is one of the first institutionalisations of reduction in tariff to further promote and strengthen intra-OIC trade. This also serves as a substantial stage of achieving long-term objectives of establishing an Islamic Common market which promotes trade, investment and economic integration among the Muslim countries in the world” explained Dr Yusuf.

Using several economic indices and empirical analysis, Dr Yusuf demonstrated the opportunities in the bilateral trade between Malaysia- OIC countries in Africa and intra-OIC countries. Dr. Yusuf Agboola therefore called on African OIC countries to reposition and strengthen their policy measures to reduce trade barriers and promote trade between the Member nations. He reiterated that structural diversity among the OIC countries may be a driver of substantial factors for more international trade opportunities, economic growth and development in the OIC region through higher economic integration.

Scholars at the event took turns to appreciate Dr Yusuf for his understanding of the objectives of OIC and his experience in international trade. There was a resolution that sub-committees be formed to consider the possibility of implementing Dr Yusuf’s suggested procedures for improving bilateral trade among OIC member nations.