UAE joins hands with WEF on Trade Tech Initiative
Agreement to help support digitalisation of international supply chains
Trade Tech Initiative is a crucial step in modernising global trade, using the tools of the Fourth Industrial Revolution (IR 4.0) to reduce the cumbersome and inefficient paperbased processes that continue to dominate supply chains,”
The UAE has signed an MoU with the World Economic Forum to support the UAE’s new Trade Tech Initiative, it said yesterday. The initiative is designed to accelerate the digitisation of international supply chains, enhance customs procedures, improve developing countries’ access to the global trading system.
From the UAE’s side, the MoU was jointly signed by Dr Thani Bin Ahmad Al Zeyoudi, UAE Minister of State for Foreign Trade and Mohammad Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Klaus Schwab, Founder and Executive Chairman, World Economic Forum.
Dr Thani Bin Ahmad Al Zeyoudi | Minister of State for Foreign Trade
Key components
The agreement will support the UAE’s efforts to deliver the initiative’s four key components: a global forum to gather trade, industry and technology leaders to share best-practice; an annual research report into the trade tech landscape, real-life applications and emerging trends; a regulatory sandbox to enable companies and startups to experiment with trade-tech innovations; and an incubator for promising startups in the trade tech space.
“The Trade Tech Initiative is a crucial step in modernizing global trade, using the tools of the Fourth Industrial Revolution (IR 4.0) to reduce the cumbersome and inefficient paper-based processes that continue to dominate supply chains,” said Dr Thani Al Zeyoudi.