GCEL’S HUMAWEALTH PROGRAM TO REDUCE ANNUAL TRADE COSTS OF OIC

Former APEC Executive Director and former WTO Trade Facilitation Negotiating Group Chairman Ambassador Muhamad Noor Yacob led a GCEL delegation at an international conference focused on reducing trade costs, increasing trade, and creating employment opportunities.

The delegation presented GCEL’s HumaWealth Program and Digital Economy Platform, which aim to reduce annual trade costs across OIC countries by USD 75 billion while increasing trade and generating millions of jobs.

The program was presented during a regional workshop organized by the UAE Ministry of Foreign Trade, the Islamic Development Bank, and the United Nations ESCWA, with participation from government officials and representatives of the WTO, WCO, World Bank, and regional economic organizations.

The Digital Economy Platform is projected to reduce MEA trade costs from 16% to 7%, generating annual savings of USD 63 billion, increasing trade by USD 337 billion, and supporting nearly 35.5 million new jobs.

GCEL Director General H.E. Nancy Bakir highlighted trade efficiency assessments conducted with governments representing 40% of MEA countries’ trade partners, which showed strong demand for the Digital Economy Platform. She emphasized that sustainable economic growth and job creation are essential to meeting the needs and aspirations of the region’s youth.