Page 145 - MOE ENGLISH PR REPORT - OCTOBER 2024

collaboration among regulators, we are setting the stage for a new era in global trade – one that is
efficient, resilient, and inclusive. Our partnership with the World Economic Forum underscores our
commitment to driving forward these changes and establishing frameworks that support adopting
advanced technologies while safeguarding global trade systems.”

Launched in partnership with the WEF, the TradeTech Initiative aims to transform international trade
through advanced technologies such as artificial intelligence, blockchain, and data analytics. Key
objectives include automating customs procedures, enhancing supply chain transparency, and
supporting real-time trade finance solutions.

Tim Stekkinger, Head of the TradeTech Initiative at the World Economic Forum, emphasized the
importance of adaptable regulations in supporting technological advancements stating, “The best
regulation is like good technology – it solves real problems, adapts to new challenges, and
becomes invisible in its efficiency.”

With its forward-looking TradeTech policies, the UAE is aiming to establish a global standard by
fostering regulatory collaboration and sharing best practices that will enhance trade resilience
worldwide. This initiative builds on the UAE’s recent efforts, including the release of its “Global
Risks to Trade” report and the launch of the TradeTech Accelerator, which aims to support
innovative start-ups working on developing cutting-edge technologies that will modernise trade
practices and increase efficiency across supply chains.

The TradeTech Initiative reflects the UAE’s leadership in developing a future-ready trade ecosystem
that aligns with its goal of developing a sustainable and knowledge-based economy. Through
TradeTech the UAE and its partners aim to harness advanced technology to create a dynamic,
secure, and globally integrated system that benefits all nations. According to projections, TradeTech
promises substantial economic impacts with estimates suggesting a potential US$9 trillion boost
for global economies.

https://www.wam.ae/en/article/b5xe3uq-uae-leads-global-trade-regulators-roundtable-part