Davos: The UAE government has launched an innovative project, the Global TradeTech Sandbox, at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland.
This initiative, a part of the broader TradeTech Initiative, is a collaboration between the UAE’s Ministry of Economy, the Abu Dhabi Department of Economic Development, and the World Economic Forum. The project was announced with a memorandum of understanding signed in the presence of notable figures, including UAE’s Minister of Cabinet Affairs and the WEF Founder.
The TradeTech Sandbox is designed to foster innovation in trade technology and establish guidelines for its worldwide use. It focuses on developing flexible, future-oriented regulations to maximize the potential of new technologies in trade. By improving the coordination between exporters, logistics firms, ports, regulatory bodies, and customs, the project aims to streamline global trade processes, making them more efficient and effective.
Minister Thani bin Ahmed Al Zeyoudi emphasized the importance of keeping international trade in step with technological advancements. The Global TradeTech Sandbox will provide startups access to markets and a platform for developing forward-thinking regulatory policies. These policies will be adaptable, innovative, and ensure the flexibility of global trade systems, benefiting stakeholders.
Al Zeyoudi invited global trade technology innovators to come to the UAE to develop and share their innovations, contributing to the growth of global trade and development. Ahmed Al Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, highlighted the UAE’s commitment to leading in automating logistics and creating a more efficient global trade system. He stressed the need for collaborative efforts and bold policies to shape a better future in the changing global economy.
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