The UAE TradeTech initiative at Davos has emphasized the importance of integrating technology into global trade.
Arguing that it could add around 9 trillion USD to the value of trade between G7 countries alone.
With even broader potential benefits for the economies of developing and least developed nations around the world.
This move comes within the framework of “TradeTech” initiative.
Which was launched by the UAE at 2023 Davos Forum in collaboration with the World Economic Forum.
Aiming at accelerating the integration of artificial intelligence, machine learning, blockchain technology, and the Internet of Things into supply chains.
TradeTech Accelerating Growth
Governments, global trade bodies, and the private sector can collaborate on developing, deploying, and regulating technology across supply chains.
Thereby supporting the modernization of international trade, expanding its scope and accelerating its growth.
A number of sectors within global trade are poised for disruptive innovations.
Due to the rapid advancements in technologies.
Including artificial intelligence, data analytics, predictive analysis, and blockchain.
Participants in the press conference emphasized the role of technology.
As it is making global trade more efficient, flexible, and open, particularly in less developed countries.
They also stressed the need for close cooperation between the public and private sectors.
In order to establish the right regulatory frameworks and compatible systems to achieve the maximum positive impact on global trade flows.
The activities of the first edition of the Japan-Kyoto Trade Fair will begin next Monday at the Dubai World Trade Center, with the participation of more than 100 Japanese companies and institutions in all technological, industrial and creative sectors. pic.twitter.com/glC65e2mk4
— UAE Voice (@uae_voiceeng) January 19, 2024
TradeTech incubator
The UAE announced plans to establish a TradeTech incubator.
Which will provide support to promising new projects and startups in the field of trade technology.
A new experimental regulatory framework was also announced in Davos this year.
Specifically designed to participate in the design, implementation, testing, and promotion of a set of advanced trade technology policies.
Dr. Al Zeyoudi called on governments around the world to take proactive measures to provide the infrastructure.
Both physical and legal, that technology needs to bring about a real transformation in global trade.
Thereby contributing to the enhanced integration of TradeTech tools and the removal of obstacles hindering their implementation.
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