Intra-OIC Trade - The Lost Decades

It is not easy to find economists that agree on something. But international trade seems to be the exception: free trade is better than protection. Or in the words of Adam Smith: “if protection is levied, it will divert industries from more advantageous trade to less advantageous trade.”

Speaking at the 30th meeting of the Organization for Islamic Cooperation (OIC) recently, Turkey’s President, Abdullah Gul called on Muslim countries to recognise the potential of open trade: "We need to liberalize trade among member countries and mitigate barriers for customs as soon as possible”.

Intra-OIC Trade: Over 30 Years of Negotiations

To its credit, the Committee for Economic and Commercial Cooperation of the Organization of the...