Page 371 - MOE ENGLISH PR REPORT - JANUARY 2024

1/26/24, 2:07 PM UAE (TradeTech) initiative takes centre stage at World Economic Forum
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.

Dr Thani was joined at the press conference by Børge Brende, President of the World

Economic Forum, and Ngozi Okonjo-Iweala, Director-General of the World Trade

Organisation.

They each underlined the role of technology in making global trade cheaper, more efficient

and more accessible, especially in the Least Developed Countries. They also stressed the
necessity of the public and private sectors working closely together to create the right

regulatory frameworks and interoperable systems to maximise their impact.

Dr Thani also confirmed plans for a trade tech incubator, which will support promising new
projects and startups in the trade tech space, underlining the UAE's commitment to

providing the right ecosystem for innovation and ideation. A new regulatory sandbox,
specifically created to co-design, implement, pilot, and promote a set of cutting-edge

regulatory policies for trade tech, was also announced at this year's Davos.

Other components of the Trade Tech Global initiative include the Trade Tech Alliance,
which will bring leaders, CEOs and experts together to share best knowledge and identify

constructive and collaborative paths forward, and the TradeTech Forum, which will be held

in the UAE in parallel with the World Trade Organisation's 13th Ministerial Conference in
Abu Dhabi in February 2024.

Dr Al Zeyoudi underscored the importance of harnessing the global community to make

real headway on these issues.

"The UAE believes digital transformation is the best tool to navigate global supply chains'

challenges, from access to operational efficiency. As a long-time advocate of trade tech's

potential, I know that fully realising its promise requires engaged and constructive
partnerships between innovators, implementors, users and regulators. We as

governments have to be bold and proactive in building the physical and legal infrastructure
that technology needs to truly transform trade. We continue to make important strides

https://www.zawya.com/en/economy/gcc/uae-tradetech-initiative-takes-centre-stage-at-world-economic-forum-lqrs0yu0 3/4