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, according to Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade.
Speaking at the World Economic Forum in Davos, 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 $50 million per year and reduced time spent on paperwork by 70%.
The minister 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. 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, he explained.
“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 worldwide – especially the developing world, Al Zeyoudi told the panel.