Page 194 - MOE ENGLISH PR REPORT - FEBRUARY 2024

Gala dinner which took place on February 26. 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.

He said: “In today’s dynamic 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.”

Evolving relationship
The 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 the 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.

Forward-looking
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."--TradeArabia News Service

https://www.gdnonline.com/Details/1304682/Report-on-Future-of-Trade-2050-launched-at-
WTO%E2%80%99s-MC13-