Page 366 - MOE ENGLISH PR REPORT - JANUARY 2024

1/26/24, 2:07 PM WAM - Emirates News Agency
The meeting in Davos marks the first-year anniversary of the

launch of the TradeTech Global, a joint initiative by the UAE

and WEF to accelerate the integration of tools such as artificial

intelligence, machine learning, blockchain and the Internet of

Things into supply chains.

The press conference followed the launch of a new report

published by the UAE Ministry of Economy and the World

Economic Forum entitled "TradeTech: Catalysing Innovation",

which emphasised how the integration of technology into the

global trading system will add US$9 trillion to the value of

trade among the G7 nations – with wider catalytic potential for

developing and least developed countries across the world.

The report offered a detailed roadmap for governments,

global trade bodies and the private sector to collaborate on

the development, deployment and regulation of technologies

across supply chains, which will serve to modernise

international trade and, in doing so, expand its reach and

accelerate its growth. This includes establishing interoperable

digital infrastructure, regulatory support and entrepreneurial

ecosystems. It also identifies several sectors within global

trade primed for significant technological disruption,

including logistics, trade finance and supply-chain

sustainability, which are all set to be enhanced by

technological adoption.

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