BANGLADESH INSTITUTE OF INTERNATIONAL AND STRATEGIC STUDIES

The NEW DRIVE FOR NORMALISATION AMONG OIC MEMBERS: ECONOMIC ASPECTS

Author: Benuka Ferdousi, Segufta Hossain

DOI Link: https://www.doi.org/10.56888/BIISSj2022v43n3a2

ABSTRACT

The new normalisation drive among the OIC members of the Middle East appeared as a dramatic development in the region. Discussion on the normalisation drive usually focuses on the political and geopolitical aspects while economic aspects receive little attention. A complete perception of the dramatic changes that are now taking place in the Middle East region demands the understanding of economic aspects of the developments as well. In this background, the present paper aims to examine the economic aspects of the new normalisation drive among the Arab OIC countries. The paper argues that there is a huge untapped potential of regional trade between Israel and its Arab counterparts. This untapped trade potential might act as an incentive for normalisation of relations. It also argues that by normalisation of relations will not only benefit Israel from increased trade, it might also help to reduce its military expenditure which the country might invest in social welfare. The present study finds several economic factors which might have influenced the Arab OIC members to go for a new drive of normalisation. They include economic incentives attached with the normalisation deal, prospect of increased mutually beneficial trade, technological edge of Israel and prospect of increased investment opportunities.