UAE Launches Global TradeTech Sandbox at World Economic Forum

The UAE government, during its participation in the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, launched a Global TradeTech Sandbox, as part of the TradeTech 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 Dr. 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.”

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.

News Source: Emirates News Agency