LEAGUE OF ARAB STATES AND GCEL SIGN TRADE PLATFORM AGREEMENT

The League of Arab States (LAS) and GCEL signed a Memorandum of Understanding to deploy the HumaWealth Program, a digital trade platform designed to improve trade efficiency, reduce import and export costs, and support job creation across the region.

Led in Asia by India, Indonesia, and Malaysia, the initiative aims to reduce trade costs from the global average of 11% to 6%, generating annual savings of USD 691 billion and reducing operating costs by 15%. The platform is provided free of charge to end users.

The HumaWealth Program is built on three components: an open-source technology platform, a global deployment network of leading finance, insurance, and technology firms, and an 18-month deployment program supported by four regional benchmark trade lanes.

The initiative is projected to generate annual savings of USD 356 billion across the Euro-Med region. LAS and GCEL also agreed to launch awareness campaigns throughout the Middle East and Africa, activate the Euro-Med Benchmark Trade Lane, and cooperate on GCEL’s global R&D program focused on economic development, trade growth, and SME prosperity.