UAE Cabinet Partners With World Economic Forum To Launch Global Regulatory Innovation Platform

The UAE Cabinet's General Secretariat has partnered with the World Economic Forum to launch the Global Regulatory Innovation Platform. This initiative aims to foster regulatory innovation globally, addressing new challenges and evaluating legislative ecosystems for future readiness. It also seeks to enhance international cooperation in agile governance.

Maryam bint Ahmed Al Hammadi, Minister of State and Secretary General of the UAE Cabinet, and Børge Brende, President and CEO of the World Economic Forum, were present at the agreement signing. Al Hammadi highlighted the strategic partnership with the World Economic Forum, noting their shared commitment to efficient governance and future-oriented goals.

Al Hammadi stated, "Based on our decades-long cooperation relationship, the World Economic Forum is a strategic partner we can rely on. The Forum has closely experienced to what extent our government is efficient and open in its work, and serious about the efforts deployed to realise its future visions and achieve its goals, in all fields."

The platform will serve as a hub for sharing best practices in legislation worldwide. It will provide lawmakers with tools to assess current laws and prepare for technological advancements. By facilitating knowledge exchange among legislators, experts, entrepreneurs, civil society, and academia, it aims to support effective governance.

Al Hammadi added that through this platform, they aim to advance legislative development globally. The UAE has launched several pioneering legislative projects recently. These include the UAE-Legislation platform and Regulations Lab.

Developing a Global Regulatory Playbook

The Global Regulatory Innovation Platform will create a "Global Regulatory Playbook." This playbook will guide regulators in achieving effective governance by showcasing successful strategies and practices. It will highlight how regulations contribute to sustainable development and innovation while keeping pace with technological changes.

Børge Brende remarked on the importance of agile regulation: "Innovation moves fast — regulation must too." He emphasized that GRIP allows governments to co-create flexible policy frameworks ready for future technologies.

Regulatory Future-Readiness Index

A key component of this initiative is developing a "Regulatory Future-Readiness Index." This index will evaluate legislative frameworks based on criteria like justice, effectiveness, and agility. It will offer a self-assessment tool for legislators to identify necessary reforms and adopt relevant standards for future needs.

The platform encourages collaboration among legislators and experts to address common challenges. It aims to establish consistent regulations that facilitate business operations globally.

Enhancing Regulatory Expertise

The platform focuses on enhancing regulatory bodies' expertise worldwide. It plans to launch the "Global Regulatory Intelligence Hub," which will share insights and best practices through workshops and discussions. This hub aims to accelerate legislative innovation by showcasing solutions from various governments.

To further leverage expertise from the World Economic Forum's events, the platform will introduce "Regulatory Innovation Dialogues." These dialogues will bring together regulators, sector leaders, legal experts, civil society members, and academia to tackle legislative challenges in the Smart Age.

The dialogues aim to formulate an action guide and a future-readiness index. By doing so, they hope to create a comprehensive framework for addressing emerging regulatory issues effectively.

With inputs from WAM