“Trade, Sustainability, and AI” Initiative Boosts The Contribution of Global Trade in Facing Climate Change
Trade, Sustainability, and AI initiative aims to leverage the rapidly advancing power of artificial intelligence (AI) in supply chains.
In order to enhance the contribution of global trade to the fight against climate change.
The UAE has launched this initiative during the World Trade Organization’s (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi.
The UAE New Initiative Can Make Immediate Impact in Several Areas, including:
- Optimizing shipping routes to reduce fuel consumption and carbon emissions
- Enhancing logistics operations such as inventory management and freight movements
- Developing climate-resilient trade infrastructure and predicting extreme weather events
- Improving traceability and transparency in global supply chains, ensuring the sustainability of traded goods
WTO Adopts New Rules to Facilitate Global Trade in Services
The WTO also adopted new rules during its meetings in Abu Dhabi on February 26th to facilitate the trade in services among more than 70 member countries.
The new rules are expected to reduce trade costs by over $125 billion annually worldwide.
UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, who is also the Chair of the WTO MC13, said:
“The announcements reaffirm the UAE’s commitment to supporting the development of trade technology tools and comprehensive regulatory frameworks that will enable their global use.”
Al Zeyoudi emphasized that a significant part of future prosperity will depend on the services sector.
He explained that implementing the new rules will help in reducing bureaucracy and facilitating trade in services.
He added that the new rules will boost the confidence of service exporters.
Noting that manufacturing industries play an important role in the economy.
Launching TradeTech Forum and “TradeTech Regulation 5.0” Report
The second day of the MC13 witnessed the launch of TradeTech Forum First Edition.
Which brought together experts to discuss how to leverage rapid technological advancements.
In order to achieve a more efficient, secure, user-friendly, and cost-effective global trading system.
Al Zeyoudi, in his opening remarks at the forum, highlighted that modern technology offers a growing number of tools and applications that can enhance global supply chains.
He cited the impact of AI in optimizing shipping routes, managing inventory operations and conducting proactive crisis management and analysis.
AI is also helping in the prediction of extreme weather events.
He mentioned the use of blockchain technology in customs procedures, payment solutions, and trade finance transactions too.
“TradeTech Regulation 5.0” Report
Al Zeyoudi announced the launch of a report titled “TradeTech Regulation 5.0: Towards a New Era of Trade Regulation.”
The report aims to usher in a new era of trade regulations.
This is by exploring key trends in trade technology and their impact on global trade.
As well as providing a blueprint for a coordinated global regulatory system that oversees future trade systems.
A proposed global alliance will focus specifically on fostering international cooperation on “TradeTech” regulations.
In order to ensure their uniform application by trading nations, particularly developing and least developed countries.
The President of State awards #Mohammed_bin_Rashid and #Mansour_bin_Zayed the “Zayed” Medal in appreciation of their efforts in the success of organizing #COP28 pic.twitter.com/4njPQegpc7
— UAE Voice (@uae_voiceeng) February 28, 2024
Knowledge and Innovation
Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, emphasized that the UAE has paid great attention to supporting the transition to a new economic model based on knowledge, innovation, and sustainability.
He highlighted the importance of organizing the Global TradeTech Forum as part of the 13th WTO Ministerial Conference.
And in cooperation with the World Economic Forum, the Ministry of Economy, and the Department of Economic Development.
He explained that the forum brings together innovators, investors, and officials to support the adoption of technology at the level of the global trading system.
Logistics Passport
Mahmoud Al Bastaki, Executive Director of Digital Solutions Operations at DP World, said:
“The Global Logistics Passport is a loyalty program that encourages addressing the challenges facing global trade, transporting goods, facilitating procedures, reducing costs, connecting partners, expanding the trade footprint, and facilitating global trade”
He stressed the need for international cooperation and a global system to help address the challenges.
He added that agreements alone are not the ideal solution, despite their importance.
Because they are merely means of facilitating procedures.
He continued that the problems appear with the implementation on the ground at the ports.
Stressing on the need of technology to exchange data, complete procedures, and reduce time.
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