UAE launches ‘Trade Tech’ initiative to modernise international commerce

Published: February 07, 2023


The UAE has partnered with the World Economic Forum (WEF) to launch a significant initiative aimed toward modernising international buying and selling methods.

The ‘Trade Tech’ initiative is designed to speed up the digitisation of worldwide provide chains, improve customs procedures, and enhance growing international locations’ entry to international commerce.

The MoU, which was signed in the course of the WEF’s annual assembly in Davos, will assist the UAE’s efforts to ship the initiative’s 4 key parts.

These embrace: a worldwide discussion board to collect commerce, business and know-how leaders to share finest practices; an annual analysis report into the commerce tech panorama, real-life purposes and rising developments; a regulatory sandbox to allow firms and startups to experiment with trade-tech improvements; and an incubator for promising startups within the commerce tech area.

The MoU was collectively signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Klaus Schwab, Founder and Executive Chairman of the WEF.

“The UAE has emerged as a vocal champion of trade innovation and, at a time when global supply chains are still recovering from the impact of the pandemic, we believe it is essential to harness the benefits of advanced technology to catalyze global trade,” mentioned Dr. Al Zeyoudi.

“In 2024, the UAE will host MC13, the leading decision-making body of the World Trade Organisation, and we are determined to build consensus over the next 12 months to begin pioneering a new era of fully digitized, operationally efficient global trade.” 

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