Islamic body's ministers meet in Istanbul to address COVID-19 impacts

2021-11-24 13:35:40 GMT2021-11-24 21:35:40(Beijing Time) Xinhua English

ISTANBUL, Nov. 24 (Xinhua) -- Ministers from the member states of the Organisation of Islamic Cooperation (OIC) met on Wednesday in Turkey's largest city Istanbul to address issues that come to the fore during the COVID-19 pandemic.

The 37th ministerial session of the OIC Standing Committee for Economic and Commercial Cooperation (COMCEC) started with a special focus on the role of Islamic finance in supporting micro-enterprises and small and medium-sized enterprises (SMEs) against the adverse impacts of the COVID-19 pandemic.

Addressing the ministers in a video message, Turkish President Recep Tayyip Erdogan said the effects of the pandemic are felt very deeply in every aspect of life.

Erdogan noted that supply and demand imbalances occurring on a global scale led to high increases in commodity prices.

He said this unusual course observed in global commodity prices also pushed up inflation rates across the globe while the waste of natural resources has jeopardized food production and security.

The implementation of the concrete policy recommendations developed by the working groups would be "extremely" important in dealing with these problems, the Turkish president added.

During the two-day meeting, the ministers are also expected to address the latest developments regarding the efforts of COMCEC to improve cooperation between member countries in the fields of trade, transportation and communication, agriculture, tourism, and poverty reduction.

The OIC is the second largest inter-governmental organization after the United Nations, with 57 member states spreading over four continents. Enditem