UAE Announces Next Phase Of TradeTech Initiative With Emphasis On Artificial Intelligence At WTO Forum

The United Arab Emirates has unveiled the next stage of its TradeTech Initiative, emphasising Artificial Intelligence (AI) as its central theme. This announcement was made at the WTO Public Forum in Geneva, Switzerland. Abdelsalam Mohamed Al Ali, Minister Plenipotentiary and Director-Representative of the UAE to the World Trade Organisation (WTO), shared these plans during a session titled "TradeTech Interviews: The Thinker, the Innovator, and the Builder."

Al Ali highlighted AI's potential to transform global trade by improving logistics, optimising trade finance, and enhancing decision-making within supply chains. "AI will be our primary focus for this year, offering unmatched potential to streamline logistics, optimise trade finance, and enhance decision-making across supply chains," he stated. "Integrating AI into trade systems will unlock new levels of efficiency, predictability, and resilience, making global trade faster and smarter."

The TradeTech Interviews session was organised by several entities including the World Economic Forum and the UAE Ministry of Economy. It was moderated by Rupa Ganguli from Inclusive Trade. Following Al Ali's remarks, industry experts like Laetitia Cailleteau from Accenture UK and Vinay Mendoca from HSBC Embedded Finance Venture discussed technology's role in enhancing trade finance.

The initiative aims to break down barriers that hinder goods flow, limit market access, and increase costs. By embracing innovation, it seeks to make trade more inclusive for all stakeholders. "TradeTech is fundamentally about breaking down barriers – those that slow the flow of goods, limit market access, and increase costs," Al Ali noted.

The second phase of this initiative includes developing a Regulatory Sandbox for AI in trade finance. An Accelerator will also be established to foster new technological solutions in trade. This phase builds on the first year's achievements which included creating the first TradeTech Report and hosting the inaugural TradeTech Forum in Abu Dhabi.

The UAE launched this initiative at Davos in January 2023 with partners like the World Economic Forum. Its goal is to inspire advanced technology integration throughout global supply chains. The UAE's leadership in this area sets new standards for innovation in TradeTech.

UAE's Vision for Global Trade

"The TradeTech initiative represents a vision of a world where trade is more efficient, inclusive, and sustainable," Al Ali added. By leveraging technologies such as distributed ledger technology and automation alongside AI, they aim to transform global trade practices.

This initiative underscores the UAE's position as a major trading hub committed to driving innovation in TradeTech. It seeks to benefit all participants from large corporations to small enterprises across both developed nations and emerging economies.

With inputs from WAM