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1/25/24, 5:24 PM UAE launches Global TradeTech Sandbox during World Economic Forum in Davos - www.lokmattimes.com
Initiative, in partnership with the Ministry of Economy, the Abu Dhabi Department

of Economic Development, and the World Economic Forum (WEF).

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."

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