Zarif Calls for D-8 Countries to Counter Unilateral Actions Against Iran

Mohammad Javad Zarif, the Foreign Minister of the Islamic Republic of Iran, called on the member countries of the D-8 group on Saturday to confront "irresponsible and illegal actions, including criminal sanctions against Iran." The D-8 group consists of eight Islamic countries: Iran, Indonesia, Bangladesh, Pakistan, Turkey, Malaysia, Egypt, and Nigeria, established at the suggestion of Necmettin Erbakan, the then Prime Minister of Turkey, in 1996. The D-8 group was formed to create strong economic ties among developing Islamic countries and to enhance their influence in global markets. Zarif stated at the 18th meeting of D-8 foreign ministers in Antalya, Turkey, "It is more necessary than ever for us to promote and strengthen economic and trade multilateralism, including within frameworks such as the D-8 group." According to the Iranian Foreign Minister, "unilateral trade actions, retaliatory movements, and economic sanctions can disrupt the global economy and overshadow the extensive multilateral cooperation that is urgently needed." The U.S. government announced on Friday, November 2, the reinstatement of all suspended sanctions against Iran under the nuclear agreement known as the JCPOA. U.S. Treasury Secretary Steve Mnuchin stated that over 700 individuals and entities, including 300 new cases, would be added to the U.S. sanctions list as part of the reinstatement. These sanctions, which will take effect on Monday, November 5, target Iran's transportation, financial, and energy sectors. The announcement of these sanctions met with reactions from Iranian officials, including Ayatollah Ali Khamenei, the leader of Iran, although he did not consider these sanctions to be new. European parties involved in nuclear negotiations with Iran, who are trying to keep Iran in the agreement, also expressed regret over the reinstatement of these sanctions. Zarif also pointed to the declining forecasts and assessments of global economic growth, attributing the main reasons for such a negative outlook to "unilateralism, trade barriers, and increasing sanctions." The International Monetary Fund had warned a month earlier that the trade war between China and the United States would affect global economic growth. According to the fund's report, U.S. GDP is expected to drop from 2.9% this year to 1.8% next year. The fund also predicted that the economic confrontation between Beijing and Washington would have a more immediate and significant impact on China's export-dependent economy. China's economic growth is expected to decline from 6.6% this year to 6.2% in 2019. The IMF also warned that the projected economic growth for the Eurozone and the UK could also be affected by this confrontation.