UAE leads Global Trade Regulators Roundtable as part of TradeTech Initiative

ABU DHABI, 29th October, 2024 (WAM) -- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the inaugural Virtual Global Trade Regulators Roundtable as part of the joint UAE-World Economic Forum (WEF) TradeTech Initiative. The event, organised by the UAE Ministry of Economy, convened trade regulators from major global economies to explore and discuss regulatory frameworks required to oversee the accelerating adoption of advanced technologies in global trade.

The roundtable offered an interactive platform for trade officials and regulatory leaders to engage in critical discussions on the evolving role and potential of technology, focusing on areas such as regulatory innovations for cross-border digital trade, public-private partnerships to address cybersecurity challenges, and leveraging regulatory sandboxes to pilot emerging trade technologies. Participants discussed overcoming barriers to digital trade, balancing innovation with consumer protection, and ensuring that regulations remain robust and adaptable.

In his remarks to the roundtable, Al Zeyoudi highlighted the UAE's commitment to advancing trade through technology and innovation, stating, "The TradeTech Global Initiative is a key pillar of the UAE's vision for a streamlined, technology-enabled global trade ecosystem. By fostering collaboration among regulators, we are setting the stage for a new era in global trade - one that is efficient, resilient, and inclusive. Our partnership with the World Economic Forum underscores our commitment to driving forward these changes and establishing frameworks that support adopting advanced technologies while safeguarding global trade systems."

Launched in partnership with the WEF, the TradeTech Initiative aims to transform international trade through advanced technologies such as artificial intelligence, blockchain, and data analytics. Key objectives include automating customs procedures, enhancing supply chain transparency, and supporting real-time trade finance solutions.

Tim Stekkinger, Head of the TradeTech Initiative at the World Economic Forum, emphasized the importance of adaptable regulations in supporting technological advancements stating, "The best regulation is like good technology - it solves real problems, adapts to new challenges, and becomes invisible in its efficiency."

With its forward-looking TradeTech policies, the UAE is aiming to establish a global standard by fostering regulatory collaboration and sharing best practices that will enhance trade resilience worldwide. This initiative builds on the UAE's recent efforts, including the release of its "Global Risks to Trade" report and the launch of the TradeTech Accelerator, which aims to support innovative start-ups working on developing cutting-edge technologies that will modernise trade practices and increase efficiency across supply chains.

The TradeTech Initiative reflects the UAE's leadership in developing a future-ready trade ecosystem that aligns with its goal of developing a sustainable and knowledge-based economy. Through TradeTech the UAE and its partners aim to harness advanced technology to create a dynamic, secure, and globally integrated system that benefits all nations. According to projections, TradeTech promises substantial economic impacts with estimates suggesting a potential US$9 trillion boost for global economies.