Page 297 - MOE ENGLISH PR REPORT - JANUARY 2024

1/25/24, 5:24 PM UAE launches Global TradeTech Sandbox during World Economic Forum in Davos
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."The minister called

on innovators in the field of global trade technology to visit the United Arab

Emirates 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.

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