Page 755 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/16/24, 9:31 AM HE Dr Thani Al Zeyoudi underscores the transformative power of AI in TradeTech knowledge-sharing session
harnessed – and where its impact on supply-chain efficiencies is already being felt. For instance, AI tools are
enabling companies to source and evaluate new suppliers based on size, location and relevant certification, and
even automate negotiations, using chatbots to provide and agree transportation quotes.

In his address to launch the knowledge-sharing session, His Excellency Dr Thani made the case for its adoption
throughout global trade. “Artificial intelligence enables us to fast-forward into the future. We can leave behind
cumbersome legacy systems that stifle growth and dampen productivity. Its impact on supply chains is already clear,

optimizing shipping routes, anticipating disruptions and sorting shipments. But so far it's integration has been
piecemeal and fragmented. In front of us is the opportunity to come together as policymakers, trade bodies, logistics
hubs and private businesses and reshape international commerce – from its digital infrastructure to its regulatory

frameworks,” he said.

“Today's discussions, and the wider TradeTech Initiative, will play an important role in inspiring the change this
requires. It is our responsibility to now harness these ideas and drive forward global trade for the benefit of all,” His

Excellency added.

The discussions in the knowledge-sharing session, which will be used to inform the second TradeTech Initiative
Report, covered the impact of AI on global trade regulations, the preparedness of emerging markets for digitized

trade, AI's role in improving trade forecasting, and how companies can bridge emerging skills gaps in their
workforces.

The featured speakers included Tim Stekkinger, Head of TradeTech Initiative at the World Economic Forum, Prof.
Marek Kowalkiewicz, Founding Director of the Centre for the Digital Economy at Queensland University of
Technology, Wolfgang Lehmacher, an international expert and practitioner in the field of supply chain and logistics,
and Philippe Isler, Director for Global Alliance for Trade Facilitation.

Tim Stekkinger, Head, TradeTech Global Initiative at World Economic Forums stated, “Artificial intelligence is not
merely a tool for tackling trade's traditional challenges - it's a catalyst for reimagining trade as we know it. Through
robust public-private partnerships and collaboration across the entire trade ecosystem – from producers to
policymakers, logistics providers to consumers – we can harness AI's full potential to create a more efficient,

sustainable and inclusive global trade landscape that drives shared prosperity for all.'

The TradeTech Initiative was launched by the Ministry of Economy in collaboration with the World Economic Forum

and the Abu Dhabi Department of Economic Development at Davos in January 2023 with the goal of inspiring the
integration of advanced technologies throughout global supply chains. The first year of the initiative resulted in the
first TradeTech Report and the inaugural TradeTech Forum in Abu Dhabi, which coincided with the 13th Ministerial
Conference of the WTO.

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