The secretary of state for Trade, Industry and Employment, Abdou Kolley, last Thursday laid down three conventions for consideration and ratification before deputies at the national Assembly.

The three conventions include the Organisation of Islamic Conference Protocol, the Agreement for Promotion, Protection and Guarantee of Investment among member states of the Organisation of the Islamic Conference, and the Framework Agreement on Trade Preferential System among the member states of the Organisation of the Islamic Conference.

SoS Kolley also laid down the motion for the ratification of the Agreement of the Promotion and Reciprocal Protection of Investment between The Gambia and the Kingdom of Spain. In defending his motions, SoS Kolley highlighted the importance of these trade related conventions, saying that they promote solidarity and cooperation among member states, and also promote the political, economic and social interest of the Muslim Ummah.

According to him, the organisation currently has a membership of seven states, which have adopted seven conventions, of which The Gambia signed six in 1974. He added that three out of the six OIC conventions are trade related, and that they define the basics of cooperation for OIC member states in areas of trade as well as promotion of trade and protection of investment. The general agreement for the economic, technical and commercial cooperation among member states of the OIC, he went on, was adopted in 1977, and was signed by The Gambia on 21st May, 1980. The agreement also seeks to strengthen bonds between member states for their socio-economic development.

On Promotion, Protection and Guarantee of Investment, the Trade, Industry and Employment SoS told members that this agreement was adopted in June 1981, and that it is part of efforts to implement the general agreement on Economic Central and Commercial Cooperation of the member states.

On Investment Guarantees, he added, the agreement makes provision for the establishment of an Islamic institution through the Islamic Development Bank, for the guarantee of investment by taking charge of the insurance of properties invited by the contracting state.

On the framework agreement on Trade Preferential System, he said this agreement was adopted after resolution number one of the first ministerial standing committee for the economic and commercial corporation context, and signed in October 1990. SoS Kolley said that this seeks to promote trade among OIC member states through exchange.