Istanbul:The State of Qatar participated in the 42nd session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), which took place in Istanbul, Turkey, from October 31 to November 3, 2026. The event gathered ministers, senior officials, and representatives from OIC member states and affiliated institutions.
According to Qatar News Agency, the Qatari delegation was led by HE Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al-Thani, during the ministerial meetings. Discussions focused on enhancing economic and commercial cooperation among OIC member states, developing mechanisms for joint action, and expanding intra-OIC trade and investment to tackle economic challenges and foster growth and sustainable development.
The Ministry of Commerce and Industry issued a statement highlighting 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 aim to open new opportunities for the private sector, facilitate trade flow, and enhance the competitiveness of OIC economies.
Ministerial discussions centered on developing effective trade finance instruments to boost exports among OIC member states. This includes improving access to trade finance, creating export guarantee mechanisms, and enhancing the capacity of companies, particularly small and medium-sized enterprises (SMEs), to access foreign markets. The session coincided with the "OIC Economic Outlook 2026" report by the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), forecasting a GDP rise from USD 10.79 trillion in 2026 to USD 11.27 trillion in 2027 for member states.
Additionally, the meetings reviewed efforts to implement the COMCEC strategy, enhance economic and trade cooperation, and operationalize the Trade Preferential System among member states. Various initiatives to bolster the private sector's role and advance economic and commercial relations between Islamic nations were also discussed.
On the sidelines, HE Minister 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, to discuss cooperative relations in economic, trade, and investment sectors and explore ways to strengthen these ties further.