Developing nations seek to overcome energy, currency crises

By JULHAS ALAM
Associated Press

DHAKA, Bangladesh (AP) — Business leaders and officials from eight developing nations meeting in Bangladesh say more cooperation is needed among them to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions. Representatives from Egypt, Iran, Malaysia, Nigeria, Pakistan, Turkey and Bangladesh under the banner of D-8, or developing eight countries, are discussing alternative trade financing such as cross currency swap, barter and blockchain. Bangladesh’s foreign minister says the group with a $5 trillion economy among its members is working to implement a free trade agreement while also increasing the volume of trade. The talks are also exploring ways to boost energy security. Members Iran and Nigeria are among the world’s top oil producers.