Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has confirmed the UAE’s plans to launch a trade tech incubator, which will support promising new projects and startups in the space.
The incubator will be supported by a new regulatory sandbox, specifically created to co-design, implement, pilot, and promote a set of cutting-edge regulatory policies for trade technology.
The statement came during a press conference held at the World Economic Forum (WEF) today to tackle the digital transformation of global trade.
During the event, Dr Thani underlined the potential that advanced technologies have to revolutionise global trade and unleash a new era of growth by increasing operational efficiencies, enhancing supply-chain resilience and facilitating the participation of new players in the global trading system.
“We as governments have to be bold and proactive in building the physical and legal infrastructure that technology needs to truly transform trade”
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade
The press conference followed the launch of a new report published by the UAE Ministry of Economy and the WEF entitled “TradeTech: Catalysing Innovation”, which emphasised how the integration of technology into the global trading system will add US$9 trillion to the value of trade among the G7 nations.
The report offered a detailed roadmap for governments, global trade bodies and the private sector to collaborate on the development, deployment and regulation of technologies across supply chains, which will serve to modernise international trade.
The meeting in Davos marks the first anniversary of the launch of TradeTech Global, a joint initiative by the UAE and WEF to accelerate the integration of tools such as artificial intelligence, machine learning, blockchain and the Internet of Things into supply chains.
Other components of the initiative include the Trade Tech Alliance, which will bring leaders, CEOs and experts together to share best knowledge and identify constructive and collaborative paths forward, and the TradeTech Forum, which will be held in the UAE in parallel with the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February 2024.
Dr Thani was joined at the press conference by Børge Brende, President of the World Economic Forum, and Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation