The World Economic Forum, in partnership with the Government of the United Arab Emirates, has initiated the TradeTech Global project, focusing on the application of emerging technologies in global trade. This initiative aims to address the evolving societal, political, commercial, and environmental needs of international trade. A report titled “TradeTech: Catalysing Innovation,” released by the joint venture, highlights the role of advanced technologies like artificial intelligence, distributed ledgers, and ubiquitous sensing in enhancing supply chain management, logistics infrastructure, and financial information flows. These technologies are pivotal in managing the increasingly complex and diverse nature of global trade relationships.
Børge Brende, President of the World Economic Forum, emphasizes the significant potential of technology in unlocking substantial economic growth. He advocates for building trust among stakeholders to expedite the benefits of these technological advancements. The inaugural TradeTech Forum, set to coincide with the World Trade Organization Ministerial Conference, will be hosted by the UAE in Abu Dhabi in February 2024. His Excellency Dr. Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE and Chair of the upcoming WTO Ministerial, stresses the importance of using technology to make international trade more straightforward, cost-effective, and transparent. He points out that intelligent technology deployment is crucial for achieving sustainable growth and development goals, including poverty reduction, economic growth, and sustainability.
The report outlines a three-stage process for the implementation of current and future technologies in both advanced and developing economies. This includes creating alignment in incentives, utilizing incubators, and establishing regulatory sandboxes to facilitate the scaling of new technologies within the challenging standards of international trade.
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