It aims to digitize supply chains to ensure faster and more efficient trade movement

A partnership between the UAE and the World Economic Forum to support the “Trade Technology” initiative

• Al-Zeyoudi and Schwab during the signing of the agreement in the presence of Al-Gergawi.

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The UAE signed a memorandum of understanding with the World Economic Forum, on the sidelines of its annual activities in Davos, with the aim of supporting the "Trade Technology" initiative launched by the country, which is designed to accelerate the digitization of international supply chains, improve customs procedures, enhance developing countries' access to the global trade system, and pave For a new era of commercial growth.

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, the Head of the Department of Economic Development in Abu Dhabi, Muhammad Ali Al-Shurafa, and the Founder and President of the World Economic Forum, Professor Klaus Schwab, signed the Memorandum of Understanding, which provides for joint cooperation in order to implement the four main components of the initiative, These are: holding a global forum that brings together leaders in the trade, industry and technology sectors to exchange best practices, drafting an annual research report on the general landscape of trade technology, its real applications and emerging trends within it, establishing a regulatory laboratory that enables large and emerging companies to experience trade technology innovations, and forming an incubator for promising startups in the field of Trade technology.

Dr. Thani Al-Zeyoudi said, “The Trade Technology Initiative represents a critical step towards modernizing global trade using the tools and applications of the Fourth Industrial Revolution, and reducing inefficient paper-based processes that currently dominate supply chains. It will create more opportunities between the various major international markets, and will support the flexibility of Global trade, and its ability to overcome challenges and achieve sustainable growth.

He continued, “The UAE has emerged as a strong global supporter of innovations in international trade.

As global supply chains continue to recover from the impact of the pandemic, we believe in the need to take advantage of advanced technology to stimulate global trade.

From employing AI to automate customs processes and warehouse management, to adopting blockchain to revolutionize trade finance, cross-border payments and customer recognition, the potential for improvement is endless.”

Al-Zeyoudi added: “We consider international interest and regulatory frameworks necessary to consolidate these ideas, and our partnership with the World Economic Forum is an important first step towards achieving the goals of the Trade Technology Initiative, and we look forward to leading a new era of fully digital global trade with superior operational efficiency.”

For his part, Mohammed Ali Al-Shurafa said: “The UAE has a proven track record in developing and disseminating innovative technologies to enhance the efficiency of trade exchange operations. And reduce time and cost, which increases the volume of trade ».

• The initiative enhances the access of developing countries to the global trade system, and paves the way for a new era of trade growth.

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