The Global Coalition for Efficient Logistics (GCEL) and the Islamic Center for Development of Trade (ICDT), a subsidiary of Organization of Islamic Cooperation (OIC), have executed a landmark MOU marking a tangible first step to solidify OIC Countries’ participation in GCEL’s HumaWealth Program. HumaWealth is a global program that promotes trade efficiency through the use of the Digital Economy Platform.
The Digital Economy Platform (DEP), provided at no cost to the end user, represents the required set of tools to reduce OIC countries’ annual trade costs by USD 75 billion, increase global trade by USD 1.2 trillion, create a new USD 6 trillion services industry market opportunity and generate nearly 100 million new jobs, with 32 million jobs in the MEA region alone.
ICDT’s Director General Dr. El Hassane Hzaine and GCEL’s Co-Chairman Captain Samuel Salloum signed the Agreement in the presence of officials and senior executives from ICDT and GCEL. This joint MOU between ICDT and GCEL compliments similar partnerships between GCEL and other pan regional organizations from around the world including the League of Arab States and Organization of American States, as well as with major economies including G20 countries India and Indonesia.
Captain Salloum welcomed ICDT to the New Millennium Standard for Growth (N-MSG) Council by stating,“The N-MSG Council is a global partnership that came together at a time of urgency to assist Aid For Trade (AFT) on a global level with regional implementation thus delivering tangible economic results to our partners. The Council is formed with the required agility and neutrality delivering a “New Message” to the world thus transforming hope to confidence and confidence into reality.” Captain Salloum elaborated,“Our N-MSG to the world has four foundations: one, a defined and quantified economic target that meets our partners’ ambitions; two, a roadmap to reach the defined goals; three, the required tools needed when implementing the roadmap; and four, the global consensus that enhances and expedites the delivery of our program.”
Dr. Hzaine stated,“The world recognizes that trade is essential to sustain economic growth. Today with the economic crises, a new trade order is being shaped by emerging alliances, such as the Trans-Pacific Partnership (TPP) called by the USA and the Regional Comprehensive Economic Partnership (RCEP) triggered by China. The OIC countries must be ready to occupy the role that they deserve in this new trade order and overcome the obstacles that hinder regional integration in the region in particular non-tariff barriers including logistics issues. Therefore, a key foundation requires that we commit to trade efficiency and transparency which is the basis for our partnership with GCEL. “
The agreement follows the recent launch of the Asia BTL between G20 countries, India and Indonesia where GCEL completed trade efficiency assessments in the aforementioned countries in addition to Malaysia covering 20% of the world population and 40% of MEA’s non-oil trade volume.