DigitalTrade4.EU Initiative Memorandum of Understanding (MoU)
Introduction
This Memorandum of Understanding (MoU) outlines the terms and expectations for new members joining the DigitalTrade4.EU initiative, a pan-European consortium dedicated to advancing the trade finance ecosystem by harmonizing digitization efforts across the European Union. The DigitalTrade4.EU initiative serves as a bridge, aligning EU legislation, international standards, the technical ecosystem, and practical use-cases to create solutions that foster a secure, efficient, and cohesive trade finance environment across Europe.
1. Purpose of the MoU
The purpose of this MoU is to formalize the commitment of each member joining the DigitalTrade4.EU initiative to contribute to and support the shared objectives of creating a unified digital framework for trade finance that builds on existing standards and legislative frameworks while addressing real-world use-cases within the European Union.
2. Scope of the Consortium
DigitalTrade4.EU works at the intersection of EU legislation, industry standards, and innovative solutions. The consortium’s scope includes:
- Bridging EU Legislation and Standards: Integrating EU legislation (e.g., eFTI, eIDAS2, PSR, PSD3) with international standards and established frameworks to build a compliant and scalable trade finance ecosystem.
- Supporting a Cohesive Technical Ecosystem: Facilitating technical integration and interoperability within the digital trade finance space to promote efficiency and transparency.
- Real-World Use-Cases and Solutions: Developing practical use-cases and solutions that address specific challenges within trade finance, ensuring the initiative’s relevance and applicability in diverse trade environments.
3. Membership Commitments
By joining the DigitalTrade4.EU initiative, members agree to:
- Support EU Legislation & Standards: Align with and promote EU standards and legislation related to trade finance digitization, including but not limited to eFTI, eIDAS2, PSR, and PSD3.
- Collaborate Actively: Engage with other members to share best practices, insights, and technological advancements to foster an inclusive, innovation-driven environment.
- Promote Security and Efficiency: Contribute to initiatives that prioritize the security, efficiency, and transparency of trade finance transactions within the EU.
4. Non-Binding Agreement
This MoU is not legally binding; however, it demonstrates the shared commitment of each member to the goals of DigitalTrade4.EU. Each member retains full autonomy in their operations while agreeing to act in accordance with the principles outlined herein.
5. Duration and Termination
Membership with DigitalTrade4.EU will continue as long as both parties agree to this MoU. Either party may terminate this MoU with written notice, provided that all commitments and responsibilities up to the termination date are fulfilled.
6. Acceptance
By completing and submitting the membership registration form on the DigitalTrade4.EU website, new members acknowledge and agree to the terms outlined in this MoU.
We are excited to welcome new members to the DigitalTrade4.EU initiative and look forward to collaborative efforts that bridge legislation, standards, and practical solutions to advance trade finance digitization across the EU.
Updated, 29 October 2024