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1/25/24, 5:22 PM UAE tech initiative in WEF spotlight
UAE tech initiative in WEF

spotlight

DAVOS, 6 days ago
A new report published by the
UAE Ministry of Economy and the
World Economic Forum (WEF)
entitled "TradeTech: Catalysing
Innovation", was launched at the
Davos forum, a report said.

It emphasised how the integration
of technology into the global
trading system will add $9 trillion
to the value of trade among the
G7 nations – with wider catalytic
potential for developing and least
developed countries across the WEF spotlights role of technology in global trade
world, Emirates News
Agency, WAM, said.

This edition of the Davos forum (January 15-19) marks the first-year anniversary of the launch of the
TradeTech Global, a joint initiative by the UAE and WEF to accelerate the integration of tools such
as artificial intelligence, machine learning, blockchain and the Internet of Things into supply chains.

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, noted that advanced
technologies have the potential to revolutionise global trade and unleash a new era of growth by
increasing operational efficiencies, enhancing supply-chain resilience and facilitating the
participation of new players in the global trading system.

“TradeTech: Catalysing Innovation” offered a detailed roadmap for governments, global trade bodies
and the private sector to collaborate on the development, deployment and regulation of technologies
across supply chains, which will serve to modernise international trade and, in doing so, expand its
reach and accelerate its growth.

This includes establishing interoperable digital infrastructure, regulatory support and entrepreneurial
ecosystems. It also identifies several sectors within global trade primed for significant technological
disruption, including logistics, trade finance and supply-chain sustainability, which are all set to be
enhanced by technological adoption.

Dr Thani and Børge Brende, President of the World Economic Forum, and Ngozi Okonjo-Iweala,
Director-General of the World Trade Organisation, underlined the role of technology in making global
trade cheaper, more efficient and more accessible, especially in the Least Developed Countries.

They also stressed the necessity of the public and private sectors working closely together to create
the right regulatory frameworks and interoperable systems to maximise their impact.

Dr Thani also confirmed plans for a trade tech incubator, which will support promising new projects
and startups in the trade tech space, underlining the UAE's commitment to providing the right
ecosystem for innovation and ideation.

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 this year's Davos.

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