UAE Announces Next Phase Of TradeTech Initiative At WTO Public Forum In Geneva

The United Arab Emirates has unveiled the next phase of its TradeTech Initiative at the WTO Public Forum in Geneva, Switzerland, highlighting that artificial intelligence (AI) will take center stage in the second stage of the program.

Abdelsalam Mohamed Al Ali, Minister Plenipotentiary and Director-Representative of the Permanent Mission of the UAE to the World Trade Organization, made the announcement during the "TradeTech Interviews: The Thinker, the Innovator, and the Builder" session at the WTO Public Forum on Tuesday in Geneva.

The session discussed how tools like AI can impact global trade. "AI will be our primary focus for this year, offering the unmatched potential to streamline logistics, optimize trade finance, and enhance decision-making across supply chains," Ali was quoted as saying by WAM.

"Integrating AI into trade systems will unlock new levels of efficiency, predictability, and resilience, making global trade faster and smarter. TradeTech is fundamentally about breaking down barriers – those that slow the flow of goods, limit market access, and increase costs," he added.

The UAE aims to make trade more adaptable and inclusive, benefiting everyone from large corporations to small businesses and from developed countries to emerging economies, Ali said.

The minister further stated that the TradeTech initiative represents a vision for a world where trade is more efficient, inclusive and sustainable. He explained that by using technologies like distributed ledger technology, AI and automation, they aim to transform global trade.

He further said that as a major trading hub, the UAE is taking the lead in setting new standards and driving innovation in TradeTech.

The TradeTech Initiative was launched by the UAE Ministry of Economy and the Abu Dhabi Department of Economic Development in partnership with the World Economic Forum at Davos in January 2023.

The goal of the initiative is to encourage the use of advanced technologies in global supply chains. In its first year, the initiative produced the first TradeTech Report and held the inaugural TradeTech Forum in Abu Dhabi, which took place alongside the 13th Ministerial Conference of the WTO.

The second phase of the initiative will involve creating a Regulatory Sandbox for Artificial Intelligence in trade finance and an Accelerator to promote new solutions that improve the use of technology in trade.

The TradeTech Interviews session was organized by the World Economic Forum, the UAE Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED). It was moderated by Rupa Ganguli, the founder and CEO of Inclusive Trade.