Thani Al Zeyoudi Highlights AI's Role In Transforming Global Trade At TradeTech Initiative Session

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasised the need for collaboration among governments, businesses, and international organisations to invest in digital infrastructure. He highlighted the importance of supporting innovation and integrating tools like Artificial Intelligence (AI) to create a modern and resilient global trading system. These remarks were made during a session of the TradeTech Initiative, a three-year project led by the World Economic Forum (WEF), the UAE Ministry of Economy, and the Abu Dhabi Department of Economic Development (ADDED).

The second year of the TradeTech Initiative focuses on AI's emerging role in logistics. The session titled "AI and Global Trade: Future of TradeTech" brought together industry experts, technology practitioners, and thought leaders. They discussed how AI's transformational potential can be harnessed effectively and its current impact on supply-chain efficiencies. AI tools are helping companies source new suppliers based on various criteria and automate negotiations using chatbots.

Dr. Al Zeyoudi stressed the importance of adopting AI across global trade systems. He stated, "Artificial intelligence enables us to fast-forward into the future. We can leave behind cumbersome legacy systems that stifle growth and dampen productivity. Its impact on supply chains is already clear, optimising shipping routes, anticipating disruptions, and sorting shipments. But so far, its integration has been piecemeal and fragmented. In front of us is the opportunity to come together as policymakers, trade bodies, logistics hubs, and private businesses and reshape international commerce—from its digital infrastructure to its regulatory frameworks."

The discussions at this knowledge-sharing session will contribute to the second TradeTech Initiative Report. Topics included AI's impact on global trade regulations, emerging markets' readiness for digitised trade, AI’s role in enhancing trade forecasting, and addressing skills gaps in workforces.

Tim Stekkinger from the World Economic Forum remarked on AI's transformative potential: "Artificial intelligence is not merely a tool for tackling trade's traditional challenges—it’s a catalyst for reimagining trade as we know it. Through robust public-private partnerships and collaboration across the entire trade ecosystem—from producers to policymakers, logistics providers to consumers—we can harness AI's full potential to create a more efficient, sustainable, and inclusive global trade landscape that drives shared prosperity for all."

The event featured speakers like Prof. Marek Kowalkiewicz from Queensland University of Technology and Wolfgang Lehmacher, an expert in supply chain logistics. Philippe Isler from the Global Alliance for Trade Facilitation also contributed insights.

TradeTech Initiative's Ongoing Impact

The Ministry of Economy launched the TradeTech Initiative with WEF and ADDED at Davos in January 2023. This initiative aims to inspire advanced technology integration throughout global supply chains. The first year produced a report and hosted the inaugural TradeTech Forum in Abu Dhabi alongside the WTO’s 13th Ministerial Conference.

Dr. Al Zeyoudi concluded by highlighting that today's discussions will inspire necessary changes: "Today’s discussions, and the wider TradeTech Initiative, will play an important role in inspiring the change this requires. It is our responsibility to now harness these ideas and drive forward global trade for the benefit of all."

With inputs from WAM