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1/25/24, 5:22 PM UAE launches Global Trade ech Sand box
UAE launches Global Trade tech Sand box

Gulf Today · 21 Jan 2024

DAVOS: The UAE gov ern ment, dur ing its par ti cip a tion in the 54th Annual Meet -
ing of the World Eco nomic Forum in Davos, Switzer land, launched a Global

Trade tech Sand box, as part of the Trade tech Ini ti at ive, in part ner ship with the

Min istry of Eco nomy, the Abu Dhabi Depart ment of Eco nomic Devel op ment, and
the World Eco nomic Forum( WEF ).

This came through a memor andum of under stand ing signed dur ing the WEF in

the pres ence of Mohammad Bin Abdul lah Al Ger gawi, Min is ter of Cab inet A airs,
and Klaus Mar tin Schwab, the WEF Founder and Exec ut ive Chair man. The MOU

was signed by Dr. Thani Bin Ahmed Al Zey oudi, Min is ter of State for For eign
Trade, Ahmed Al Jasim Al Zaabi, Chair man of the Abu Dhabi Depart ment of eco -

nomic devel op ment, and sean do her ty, head, Inter na tional Trade and Invest -
ment, and Mem ber of the WEF Exec ut ive Com mitee.

The Trade tech Sand box aims to spark innov a tion in trade tech no logy and estab -

lish best prac tices for its global adop tion. It will achieve this by imple ment ing
ex ible and for ward-look ing reg u lat ory frame works that unlock the poten tial of

these tech no lo gies. By stream lin ing the inter ac tion between export ers, logist ics

com pan ies, ports, reg u lat ors, and cus toms o cials, it will cre ate a smoother and
more e cient trade envir on ment. Al Zey oudi said: “The adop tion of advanced

tech no lo gies is accel er at ing in vari ous sec tors, and it is import ant that inter na -
tional trade keeps pace with these devel op ments now more than ever. We need to

re-eval u ate the cur rent reg u lat ory frame works in order to keep pace with the

digital trans form a tion and address the future.”
Head ded:“glob al trade tech sand box is designed to keep pace with tech no lo gical

devel op ments in all elds, to provide means for start-ups to access mar kets. It
also provides a pla form through which for ward-look in greg u lat ory po lici es can -

bead op ted that adapt to the future, enhance innov a tion, pro tect stake hold ers,

and ensure the ex ib il ity of global trade sys tems.”
The min is ter called on innov at ors in the eld of global trade tech no logy to visit

the United Arab Emir ates and bene t from its busi ness envir on ment to develop,

re ne, and dis sem in ate their innov a tions that would stim u late the growth of
global trade and increase its con tri bu tion to achiev ing com pre hens ive devel op -

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