UAE’s Global TradeTech initiative will foster innovation and collaboration in the field of trade technology
The UAE government has launched will foster innovation and collaboration in the field of trade technology during the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland. The initiative, called the Global TradeTech Sandbox, is a partnership between the Ministry of Economy, the Abu Dhabi Department of Economic Development, and the WEF.
The Global TradeTech Sandbox aims to implement flexible and forward-looking regulatory frameworks that unlock the potential of trade technologies, such as blockchain, artificial intelligence, and the Internet of Things. It will also streamline the interaction between all logistic channels to create a smoother and more efficient trade environment.
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Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, 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 invited innovators in the field of global trade technology to visit the UAE. Innovators will benefit from the business environment and stimulate the growth of global trade.
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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.
He said: “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.”
The initiative aims to leverage the UAE’s strategic location, infrastructure, and digital readiness to facilitate trade flows, enhance transparency, reduce costs, and increase competitiveness.
The Global TradeTech Initiative also supports the UAE‘s vision to diversify its economy, increase its non-oil exports, and achieve the Sustainable Development Goals by 2030.
