Page 185 - MOE ENGLISH PR REPORT - FEBRUARY 2024

ADVERTISEMENT

Dr Thani Al Zeyoudi, said: “The history of the UAE has been shaped by trade and we are keen to
help shape its future. As new technologies emerge and economies seek to become more
sustainable and environmentally responsible, the global trading system must constantly evolve
to meet new forms of exchange. It is important that we in the global trading community always
anticipate the forces impacting supply chains. This new report, which gathers the thoughts of key
private-sector players from around the world, seeks to identify some of those forces – and the
agility, adaptability and foresight we must demonstrate to keep pace with them. Only by
understanding what trade might look like in 25 years’ time, can we develop a system that is fairer
and fully future-proofed”.

Badr Jafar, Chief Executive Officer of Crescent Enterprises, a UAE-headquarterd multinational
diversified business, revealed some of the main findings of the report at the WTO’s MC13’s
Ceremonial Gala dinner which took place on Monday, 26th February. Addressing trade ministers
and senior officials from around the world, along with representatives of several local and federal
entities and the private sector, Jafar outlined the importance of joint efforts between the public,
private and civil sectors in tackling the rapid technological, socioeconomic, political and
environmental changes that will take place over the coming years, adding:

“In today’s dymanic environment, the need to react to ever-changing realities can be all-
consuming. It is during such times of transition that as policy makers, companies and individuals,
we have a duty and an opportunity to look beyond our own immediate interests. By deepening our
collaboration across borders, sectors and disciplines we are able to help shape the major
paradigm shifts that will transform the future of trade.

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

https://www.gulftoday.ae/business/2024/02/28/uae-to-work-constructively-with-trade--
communities-to-take-collective-actions