The UAE government, during its recent participation in the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, launched a Global TradeTech Sandbox, as part of the TradeTech Initiative, in partnership with the Ministry of Economy, the Abu Dhabi Department of Economic Development, and the World Economic Forum (WEF).
The TradeTech Sandbox aims to implement flexible and forward-looking regulatory frameworks that unlock the potential of these technologies. It will streamline the interaction between exporters, logistics companies, ports, regulators, and customs officials.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said: “The adoption of advanced technologies is accelerating in various sectors, and it is important that international trade keeps pace with these developments now more than ever. We need to re-evaluate the current regulatory frameworks to keep pace with the digital transformation and address the future.”
Global TradeTech Sandbox to support startups
Al Zeyoudi added: “Global TradeTech Sandbox is designed to keep pace with technological developments in all fields, to provide means for startups to access markets. It also provides a platform through which forward-looking regulatory policies can be adopted that adapt to the future, enhance innovation, protect stakeholders, and ensure the flexibility of global trade systems.”
Ahmed Al Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said that this partnership and other influential partnerships on the international scene showcase the UAE’s commitment to spearheading solutions for the rise of automation in logistics, demonstrating proactive leadership and paving the way for a more efficient and equitable global trade system.
“This initiative embodies the imperative for collaborative efforts in shaping a better future for all. By adopting bold policies and fostering international partnerships, the UAE is setting a powerful example for proactive leadership in the face of a changing global economy,” he added.