Egypt hosts eleventh D8 Summit

Cairo hosted the 11th D8 summit that brought together leaders from developing countries—Egypt, Bangladesh, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. The summit themed “Investing in Youth and Supporting SMEs: Towards Tomorrow’s Economy” emphasized collaborative efforts to tackle global and regional challenges.

The summit focused on the crises in the Middle East, including conflicts, economic protectionism, the ongoing Israeli-Palestinian war, and the other burning issues of Lebanon and Syria.

In this regard, the Summit called for ending the Israeli aggression on Gaza, and warned that the escalating tensions affecting Lebanon, Syria, and the broader region would have significant political and economic repercussions.

The gathering also discussed the pressing challenges faced by developing nations, such as limited financing, rising debt, digital and knowledge gaps, and widespread poverty, hunger, and unemployment, particularly among youth, and urged for enhanced cooperation in key areas such as digital economy, AI, agriculture, renewable energy, and SME development.

The suggested initiatives included a diplomatic cooperation network, a student e-competition in science and technology, and an economic think tank network among member states.

The summit’s Final Declaration stressed that climate measures must not lead to trade discrimination and urged adequate financing for a just energy transition. It highlighted the need for substantial investment in infrastructure to support new industrial models aligned with sustainable development.
Turkish President Recep Tayyip Erdogan emphasized maximizing D8 opportunities to support SMEs, while Iranian President Masoud Pezeshkian called for stronger joint cooperation.
During the Summit, Egypt announced its intent to ratify the WTO’s preferential trade agreement.