UAC AND UAB SIGN STRATEGIC AGREEMENT WITH GCEL TO ADVANCE THE DIGITAL ECONOMY PLATFORM

On October 27, 2020, the Union of Arab Chambers (UAC), the Union of Arab Banks (UAB), and the Global Coalition for Efficient Logistics (GCEL) signed a Memorandum of Understanding (MOU) in Beirut, Lebanon to support deployment of the Digital Economy Platform (DEP) across the Middle East and Africa (MEA) region.

The Union of Arab Chambers is an independent non-profit organization dedicated to promoting economic cooperation and integration among Arab countries, while the UAB represents more than 330 banking and financial institutions across the region.

The agreement focuses on leveraging Digital Economy technologies to improve trade efficiency, increase transparency, and strengthen regional economic development. According to the initiative, the DEP has the potential to increase MEA digital services by USD 2.2 trillion and support the creation of approximately 49 million jobs by 2030.

The platform is also expected to reduce excess trade costs by USD 589 billion and increase goods trade by USD 422 billion, helping expand economic opportunities and strengthen regional purchasing power.

The initiative highlights the broader impact of economic development, noting that every 1% increase in the purchasing power of mid- and low-income countries can contribute approximately USD 166 billion to global GDP.