Page 149 - MOE ENGLISH PR REPORT - OCTOBER 2024

These discussions aimed to balance innovation with consumer protection while ensuring
adaptable regulations.

Dr. Al Zeyoudi emphasised the UAE’s dedication to advancing trade through technology and
innovation. He stated, "The TradeTech Global Initiative is a key pillar of the UAE’s vision for a
streamlined, technology-enabled global trade ecosystem." The UAE aims to foster collaboration
among regulators to usher in an efficient, resilient, and inclusive era in global trade.

Tim Stekkinger from the World Economic Forum highlighted the need for adaptable regulations in
supporting technological advancements. He remarked, "The best regulation is like good technology
– it solves real problems, adapts to new challenges, and becomes invisible in its efficiency." This
underscores the importance of effective regulations that evolve with technological progress.

Building a Future-Ready Trade Ecosystem

The UAE's forward-looking TradeTech policies aim to set a global standard by encouraging
regulatory collaboration and sharing best practices. This initiative builds on recent efforts like the
"Global Risks to Trade" report and the launch of the TradeTech Accelerator. These efforts support
innovative start-ups developing advanced technologies for modernising trade practices.

Through TradeTech, the UAE seeks to harness advanced technology for creating a dynamic and
secure global system benefiting all nations. The initiative aligns with its goal of developing a
sustainable and knowledge-based economy. Projections suggest that TradeTech could significantly
impact global economies, potentially boosting them by US$9 trillion.
The roundtable provided an interactive platform for officials and leaders to discuss technology's
evolving role in trade. It focused on overcoming digital trade barriers while ensuring robust
regulations that adapt over time. This collaborative effort aims to enhance trade resilience
worldwide through shared knowledge and best practices.

In summary, the UAE's leadership in developing a future-ready trade ecosystem reflects its
commitment to sustainable economic growth through technological innovation. By fostering
international collaboration and setting regulatory standards, it aims to create an inclusive global
trading environment that benefits all participants involved in this transformative journey.

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