YOURSAY | ‘Mahathir's religion-based nationalism in economic matters is as outdated as...’
Prime Minister Dr Mahathir Mohamad is lamenting that Muslim countries are not developed and remained poor due to mismanagement and corruption. He is proposing some kind of trading union within the Muslim world.
If tariffs are abolished completely, their own indigenous producers and farmers will be affected because their less developed markets will be overrun by cheap products and produce from the more developed middle to high-income Muslim countries. The end result would be more poverty in these already impoverished countries.
The more advanced Gulf Muslim countries do not have the capacity or capability to fill in any void left by a boycott of the West because their economies and markets are small compared to US, China, EU and Japan. It would be wise for any country who wants to diversify their economies by trading with those nations. Mahathir’s idea of a trade bloc to reduce their dependence on non-Muslim nations, and to be immune from US-led sanctions, is not realistic or practical.Mahathir’s call for Muslim trade market is not grounded in reality. Oil-producing countries in the Middle East are located on barren desert land.
If Muslim nations want to develop economically, they should not mix religion with education, governance and rule of law to everyday life.
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