Page 159 - MOE ENGLISH PR REPORT - OCTOBER 2024

11/1/24, 11:49 AM UAE leads Global Trade Regulators Roundtable as part of TradeTech Initiative
The event, organised by the UAE Ministry of Economy, convened trade regulators

from major global economies to explore and discuss regulatory frameworks required
to oversee the accelerating adoption of advanced technologies in global trade.

The roundtable offered an interactive platform for trade officials and regulatory
leaders to engage in critical discussions on the evolving role and potential of
technology, focusing on areas such as regulatory innovations for cross-border
digital trade, public-private partnerships to address cybersecurity challenges, and
leveraging regulatory sandboxes to pilot emerging trade technologies.

Participants discussed overcoming barriers to digital trade, balancing innovation
with consumer protection, and ensuring that regulations remain robust and

adaptable.

In his remarks to the roundtable, Al Zeyoudi highlighted the UAE's commitment to
advancing trade through technology and innovation, stating,
"The TradeTech Global Initiative is a key pillar of the UAE's vision for a
streamlined, technology-enabled global trade ecosystem. By fostering
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,

block chain, 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,

emphasised 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."

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