Page 189 - MOE ENGLISH PR REPORT - FEBRUARY 2024

3/5/24, 10:17 AM Ministry of Economy, Crescent Enterprises launch report on Future of Trade 2050 at WTO’s MC13 in Abu Dhabi - Aletihad News C…

Jafar stated, “The UAE, underpinned by its highly strategic location, world-class infrastructure, and strong internationa
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 emphasises 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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