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1/25/24, 5:19 PM Digitalising global trade will unlock a new era of growth, says UAE minister
Technology including machine learning, automation and the Internet of Things can revolutionise
global trade by boosting supply-chain resilience, increasing operational efficiencies and allowing
new players to enter the market, Dr Thani Al Zeyoudi said during a press conference at the World
Economic Forum in Davos, Switzerland.

“The UAE believes that digital transformation is the best tool to navigate the challenges
confronting global supply chains, from access to operational efficiency,” he said on Thursday.

“We as governments have to be bold and proactive in building the infrastructure, both physical
and legal, that technology needs to truly transform trade.”

The press conference on Thursday marks a year from the launch of
READ MORE
Red Sea shipping disruption could TradeTech Global, a joint initiative by the UAE and WEF to boost
last ‘at least a few months’ Maersk the digitisation of international supply chains, enhance customs
boss says procedures, improve developing countries’ access to the global
trading system and spur trade growth.
Fragmented trade likely to have
short-term impact on global A report released on Thursday by the UAE Ministry of Economy
economy, says DP World report
and the World Economic Forum, titled TradeTech: Catalysing
Innovation, called for more collaboration among trade
stakeholders to unlock the full potential of these technologies, which could lead to “trillions of
dollars” in additional revenue.

Leveraging advanced technologies can help “streamline trade processes and foster a more
efficient, inclusive, sustainable and equitable trading ecosystem”, the report said.

Entrepreneurs, investors, regulators and industry leaders must work together – sharing costs,
hedging risks and directing substantial investments – to facilitate technological transformation, it
said.

“The complex webs of interactions involved in global trade complicate efforts to optimise the
system’s operation. When supply chain participants try to maximise only their own self-interest,
the outcome is frequently suboptimal and can lead to significant inefficiencies and missed
collective goals,” the report said.

Advanced technologies can be used in four main areas: logistics, trade finance, carbon reduction,
and trade compliance, the report showed.

Trade initiatives

The UAE minister confirmed plans for an incubator that will provide support for new projects and
start-ups in the trade tech sector, according to a statement.

A new regulatory sandbox, specifically created to co-design, implement, pilot and promote a set
of cutting-edge regulatory policies for trade tech, was also announced at the 2024 Davos meeting
this week.
The Trade Tech Global initiative will also include the Trade Tech Alliance, which will bring leaders,
chief executives and experts to share best practices and identify ways for future collaboration.
The TradeTech Forum will be held in the UAE in parallel with the World Trade Organisation’s 13th
Ministerial Conference (MC13) that Abu Dhabi will host next month.

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