Page 274 - MOE ENGLISH PR REPORT - JANUARY 2024

Development, and Sean Doherty, Head, International Trade and Investment, and
Member of the WEF Executive Committee.

The TradeTech Sandbox aims to spark innovation in trade technology and establish
best practices for its global adoption. It will achieve this by implementing flexible and
forward-looking regulatory frameworks that unlock the potential of these technologies.
By streamlining the interaction between exporters, logistics companies, ports,
regulators, and customs officials, it will create a smoother and more efficient trade
environment.

Al Zeyoudi said: “The adoption of advanced technologies is accelerating in various
sectors, and it is important that international trade keeps pace with these developments
now more than ever. We need to re-evaluate the current regulatory frameworks in order
to keep pace with the digital transformation and address the future.”

He added: "Global TradeTech Sandbox is designed to keep pace with technological
developments in all fields, to provide means for startups to access markets. It also
provides a platform through which forward-looking regulatory policies can be adopted
that adapt to the future, enhance innovation, protect stakeholders, and ensure the
flexibility of global trade systems."

The minister called on innovators in the field of global trade technology to visit the UAE
and benefit from its business environment to develop, refine, and disseminate their
innovations that would stimulate the growth of global trade and increase its contribution
to achieving comprehensive development around the world, in line with the aspirations
of the world for the 21st century.

For his part, Ahmed Al Jasim Al Zaabi said that this partnership and other influential
partnerships on the international scene showcase the UAE's commitment to
spearheading solutions for the rise of automation in logistics, demonstrating proactive
leadership and paving the way for a more efficient and equitable global trade system.

“This initiative embodies the imperative for collaborative efforts in shaping a better
future for all. By adopting bold policies and fostering international partnerships, the UAE
is setting a powerful example for proactive leadership in the face of a changing global
economy,” he added.

https://en.aletihad.ae/news/uae/4457946/uae-launches-global-tradetech-sandbox-during-world-
economic