EUROPEAN AND ARAB BANKING ASSOCIATIONS ENDORSE THE DIGITAL ECONOMY PLATFORM WITH GCEL

At the 2019 International Banking Summit, the European Banking Federation (EBF), the Union of Arab Banks (UAB), and several international organizations signed a Digital Economy Communique with the Global Coalition for Efficient Logistics (GCEL).

The Communique supports deployment of the Digital Economy Platform (DEP), an initiative designed to digitize global value chains, improve trade efficiency, and expand opportunities for businesses—particularly SMEs—within the global B2B marketplace.

Additional signatories included the Mediterranean Growth Initiative (MGI), CONFAPI (Italian SME Association), and the International Network for Small and Medium-Sized Enterprises (INSME). The signing ceremony was witnessed by government ministers, central bank governors, and representatives from international financial institutions.

The DEP provides digital tools that enhance transparency, reduce business risk, and improve collaboration across commerce, finance, insurance, and logistics networks. The initiative is projected to reduce global trade costs by USD 5.9 trillion, increase trade by USD 6.6 trillion, create nearly 500 million jobs, and generate a USD 7.5 trillion financial services opportunity by 2035.

The Communique also included a call for greater public-private cooperation to advance B2B marketplace digitization while addressing data privacy, security, geopolitical, and competition concerns through a balanced governance framework.

GCEL emphasized the platform’s ability to help financial institutions improve risk management, strengthen trade finance capabilities, and expand access to financial services through advanced digital tools and validated commercial data.