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2/26/24, 2:54 PM Transformative power of trade tech can open more borders for everyone
and start-ups; and finally, a TradeTech forum, an annual event, will champion new technologies,
advocate for greater momentum and showcase the best new applications.

The first TradeTech Forum will take place in Abu Dhabi on February 27, and will run in parallel to
the 13th Ministerial Conference (MC13) of the World Trade Organisation, which the UAE is hosting
between February 26-29. This will be a chance to place technology and its transformative power
at the heart of discussions on the future of trade.

We already know the potential rewards. Studies suggest that among the G7 countries alone,
technology can unlock an additional $7 trillion in trade value. Simply introducing e-bills of lading –
digital versions of the document that lists the type, quantity, and destination of goods being
carried – could save the logistics sector up to $6.5 billion a year.

The benefits go beyond numbers, though. In emerging economies
MORE FROM THANI AL ZEYOUDI
and least developed countries, where the starting point is lower,
the transformative power of trade tech can be limitless.

Entrepreneurs, small businesses, women-led enterprises and
young people making their first forays into business face an uphill
battle in trading across borders. High costs, complex bureaucracy,
onerous paperwork, opaque rules, informational asymmetries, and
How the UAE set the global trade a lack of access to capital are globally competitive products out of
agenda in 2023 global markets. This stifles growth, drives up prices for consumers

and strangles innovation.

The UAE is already leading on this issue. Firms like Abu Dhabi Ports are operating at the frontiers
of innovation, with their Advanced Trade & Logistics Platform leveraging blockchain and big data
to process millions of transactions entirely paper-free.

Abu Dhabi Customs has introduced an AI-powered smart classification system to enable
importers and exporters to instantly ascertain the applicable customs duties, taxes, and
restrictions. DP World Trade Finance is a fintech platform that is bridging the $1.7 trillion global
trade finance gap by connecting small and medium enterprises to the credit they need.

By taking place alongside MC13, which gathers trade ministers and government officials from 166
member states, the inaugural TradeTech Forum will put these technologies and their applications
in the spotlight – and start a vital conversation about supply-chain inclusivity and accessibility.

Though some of the coverage of MC13 has been pessimistic, I am extremely positive that at the
conference we can agree on the possibilities of a dynamic, resilient and technologically powered
trading system.
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Trading across borders has remained largely static for decades, but a new future is possible –
with TradeTech at its centre. I am confident the UAE will be leading this vital transformation.

Published: February 22, 2024, 8:00 AM

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