UAE’s Adoption of TradeTech is Leading the Way to Deliver Smarter, Greener, More Inclusive Global Trade

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has underlined the UAE’s role as a leading advocate for the digitisation of the global trading system at the World Economic Forum (WEF) in Davos, Switzerland.

In a session titled “TradeTech’s Trillion-Dollar Promise” at the World Economic Forum in Davos, Al Zeyoudi restated his belief that the tools of the Fourth Industrial Revolution, which include artificial intelligence, data analytics, predictive analysis and blockchain, can unlock trillions of dollars in additional value from international trade – and that the UAE is committed to building a global movement to deliver it.

As part of a panel discussion that also included Pakistan Prime Minister Anwaar-ul-Haq Kakar, Vincent Clerc, CEO of A.P. Møller-Maersk, Deemah Al Yahya, Secretary-General of the Digital Cooperation Organisation (DCO) and Bill Deng, CEO of XTransfer, Al Zeyoudi highlighted the TradeTech Global initiative that the UAE launched in collaboration with WEF in 2023 and the progress that has been made across the last 12 months.

Al Zeyoudi also highlighted how the UAE’s logistics sector has already pioneered several important platforms that showcase the potential of modernised supply chains. These include the UAE Trade Connect platform, which uses blockchain to reduce fraud, human error, and time in the facilitation of trade finance for corporates and SMEs, and the Advanced Trade and Logistics Platform (ATLP) developed by Abu Dhabi Ports to enable digital transactions that have saved US$50 million per year and reduced time spent on paperwork by 70 percent.

Al Zeyoudi, who will be chairing the WTO’s 13th Ministerial Committee in Abu Dhabi next month, reiterated the UAE’s commitment to an open, rules-based multilateral trading system and its role as a driver of economic growth and opportunity, especially for developing countries. According to Al Zeyoudi, the benefits of accelerating the adoption of technology in trade include increasing, protecting and enhancing the participation of more nations in the global trading system whose impact could deliver trillions of dollars to the global economy.

Al Zeyoudi stated,

“By leveraging the new generation of trade tech tools, we have the opportunity to revolutionise global trade and create a more efficient, inclusive and transparent trading system that can accelerate economic growth for nations across the world – especially the developing world. We are committed to ensuring the TradeTech Initiative, which we launched here in Davos last year, is the means by which we unleash that potential.”

The World Economic Forum Annual Meeting 2024 in Davos is taking place under the theme “Rebuilding Trust” and has brought together government and business leaders from around the world to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation to the current geopolitical and economic challenges the global economy is currently experiencing.

News Source: Emirates News Agency