Page 304 - MOE ENGLISH PR REPORT - JANUARY 2024

Head, of 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.
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 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. For his part, Ahmed Al Jasim Al Zaabi,

Chairman of the Abu Dhabi Department of Economic Development, said that this
partnership and other influential partnerships on the international scene showcase the

UAE's commitment to spearheading solutions for the rise of automation in logistics,
demonstrating proactive leadership and paving the way for a more efficient and equitable

global trade system. "This initiative embodies the imperative for collaborative efforts in
shaping a better future for all. By adopting bold policies and fostering international
partnerships, the UAE is setting a powerful example for proactive leadership in the face

of a changing global economy," he added

https://www.zeebiz.com/world/news-uae-launches-global-tradetech-sandbox-during-world-economic-
forum-in-davos-272966