Page 179 - MOE ENGLISH PR REPORT - FEBRUARY 2024

3/5/24, 10:16 AM Ministry of Economy and Crescent Enterprises launch report on the future of trade 2050 at WTO’s MC13 in Abu Dhabi
The UAE, underpinned by its highly strategic location, world-class infrastructure and
strong international relationships, is uniquely positioned to work constructively with other

members of the international community to address the various challenges that confront

us and realise the many opportunities that are within our grasp. I remain optimistic that by
working together, we can create a more prosperous and sustainable future – in which

trade is able to flourish anew, and nobody is left behind.”

This report serves as a crucial discussion document on the forces anticipated to impact
the trading system over the next 25 years. It emphasizes the evolving relationship

between trade, geopolitics, and global commerce, which is significantly influenced by
overarching megatrends such as rapid technological advancements. The report highlights

the rising prominence of emerging economies, the transformational role of technology, the
rapid growth of service trade, and the importance of sustainability in global trade. The

purpose of this report is to prompt relevant stakeholders to take the needed and timely

collective actions to anticipate potential risks, be prepared for future challenges and
capitalise on available opportunities.

The report discusses not only how the methods of conducting trade will transform, but also

how the commodities being traded will evolve. It highlights the necessity for adapting to
emerging technologies, integrating growing economies into global trade, committing to

sustainability, supporting SMEs, and acknowledging the significant contribution of the
services sector to the global economy. The report advocates for collaboration, innovation,

and the development of inclusive regulatory frameworks to ensure a resilient and
sustainable future for global trade.

Commenting on the future of trade, Tim Haas, Group Chief Operating Officer at Gulftainer,

a leading operator of ports and terminals, and a provider of customised supply chain and
logistics solutions, said:

“As part of the global supply chain, it is essential for us to be forward-looking and

anticipate the forthcoming changes that will impact the future of the industry in the coming
decades. By proactively adapting to the potential challenges and foreseeing opportunities

in the global trade, we will be able to better prepare our organisations and serve our

customers. The future of trade 2050 paper is a reflection of the required collaboration
amongst public and private sectors to ensure a better trading environment for all."

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