Page 291 - MOE ENGLISH PR REPORT - JANUARY 2024

“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 TradeTech
Global, a joint initiative by the UAE and WEF to boost the digitisation of
international supply chains, enhance customs procedures, improve developing
countries’ access to the global trading system and spur trade growth.

A report released on Thursday by the UAE Ministry of Economy 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

https://www.msn.com/en-ae/money/news/digitalising-global-trade-will-unlock-a-new-era-of-growth-
says-uae-minister/ar-BB1gWgfo