UAB, UAC, and INSME issue digital economy guidelines with GCEL

In line with the G20 Leaders’ policy directives that aim to secure sustainable economic growth, international organisations in the Middle East announced Ten Digital Economy Guidelines to set the foundation for a successful digital economy. The organisations which embraced these guidelines are the Union of Arab Banks (UAB), the Union of Arab Chambers (UAC), International Network for SMEs (INSME), and the Global Coalition for Efficient Logistics (GCEL). They will also develop a Digital Economy Platform (DEP) to capitalise on the benefits of technology in reducing excess trade costs by US$4.8 trillion, increasing goods trade by US$6.3 trillion, and creating more than 400 million jobs by 2030. ‘The DEP tools will better integrate banks to the B2B marketplace through the use of dynamic, high quality, and validated data. Our members will have greater transparency to reduce risks, ease regulatory compliance burdens, and realise a new USD 7.5 trillion financial services market opportunity by 2030,’ elaborated UAB Secretary-General Wissam Fattouh.