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The UAE’s adoption of TradeTech is leading the way for smarter, greener and more inclusive global trade

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

In a session titled “The Trillion Dollar Promise of TradeTech” at the World Economic Forum in Davos, Al Zeyoudi He reaffirmed his belief that the tools of the Fourth Industrial Revolution, including artificial intelligence, data analytics, predictive analytics 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 make it. he.

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

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

Al Zeyoudi, who will chair the 13th WTO Ministerial Committee in Abu Dhabi next month, reiterated the UAE’s commitment to an open, rules-based multilateral trading system and its role as an engine of economic growth and opportunity, especially for developing countries . According 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, the impact of which could bring trillions of dollars to the global economy.

Al Zeyoudi fixed,

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

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

News source: Emirates News Agency

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