Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf today signed a protocol on Preferential Tariff Scheme pertaining to Preferential Trade System (PRETAS) among Member States of the Organization of Islamic Conference in line with the Ten-Year Action Program adopted by the 3rd Extraordinary Islamic Summit in Makkah in 1426 H. The protocol, which is expected to enter into force early 2009, aims at promoting inter-regional trade among OIC member countries from a total gross trade of 14% in 2005 to 20% by 2015, through reductions on custom tariffs among member states on a range of high-custom-fee commodities from 10% divided into four annual payments for developing countries and six payments for the least developed. The protocol also aims at removing tariff and non-tariff barriers or any administrative measures that might impede the flow of trade between Islamic countries.
