Dubai: Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, has inaugurated the TradeTech Accelerator, a new initiative aimed at fostering startups engaged in developing cutting-edge technological solutions for the trading sector. This accelerator forms a crucial part of the broader TradeTech Initiative, crafted in collaboration with the World Economic Forum (WEF) and the Abu Dhabi Department of Economic Development (ADDED), focusing on modernizing aspects such as logistics, customs procedures, trade finance, and cross-border payments. According to Emirates News Agency, Dr. Al Zeyoudi announced the launch of the accelerator during the WEF's Annual Meeting of the Global Future Councils 2024 held from October 15-17 in Dubai. The event, which drew participation from over 500 leaders from the public and private sectors, academia, and civil society from 80 countries, aimed at fostering a more resilient, inclusive, and sustainable future. At this gathering, Dr. Al Zeyoudi also revealed that Plug and Play, a highly regarded innovation platform known for its success in supporting startups, would serve as the accelerator's official partner, offering mentorship and strategic collaboration opportunities. During his speech, Dr. Al Zeyoudi encouraged companies developing artificial intelligence (AI) solutions, the focal technology of the TradeTech Initiative's second year, to apply to the accelerator. He expressed hopes that the first group of participants would complete the program by March 2025. Dr. Al Zeyoudi emphasized the UAE's leadership role in addressing global trade challenges through this initiative, which aims to integrate advanced technologies into supply chains, thereby envisioning a more efficient and accessible global trading system. Ahmed Jasim Al Zaabi, Chairman of ADDED, echoed the sentiments on the strategic alignment of the TradeTech Accelerator Program with the UAE's broader goals. He highlighted the integration of initiatives such as Hub71 and the Advanced Trade and Logistics Platform (ATLP) wit h the accelerator program, reflecting Abu Dhabi's commitment to merging trade and technology, supporting startups, and advancing technological innovations. Tim Stekkinger, Head of the TradeTech Global Initiative at the World Economic Forum, and Saeed Amidi, Founder and CEO at Plug and Play, both praised the potential of startups to revolutionize the trade sector through technological innovations. They noted the critical role these enterprises play in tackling current trade challenges and enhancing global trade efficiency and sustainability. The UAE continues to lead the development of a modern, digitally-enabled trading system since the launch of the Global TradeTech Initiative in Davos in 2023. The subsequent TradeTech activities, including the publication of the first TradeTech Report and the hosting of the TradeTech Forum alongside the 13th Ministerial Conference of the World Trade Organization in Abu Dhabi in February 2024, demonstrate the UAE's ongoing commitment to this cause. The Annual Meeting of t he Global Future Councils 2024 continues to serve as a platform for global leaders to explore future opportunities across key areas such as technology and AI, climate and environment, governance, economy and finance, and society, ensuring a comprehensive approach to future challenges and innovations.