Page 294 - MOE ENGLISH PR REPORT - JANUARY 2024

This came through a memorandum of understanding signed during
the WEF in the presence of Mohammad bin Abdullah Al Gergawi,

Minister of Cabinet Affairs, and Klaus Martin Schwab, the WEF

Founder and Executive Chairman. The MoU was signed by Thani bin

Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Al

Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic
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 start-ups

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.”

https://theprint.in/world/uae-launches-global-tradetech-sandbox-during-world-economic-forum-in-
davos/1932570/