ABU DHABI: The inaugural TradeTech Forum gathered leading industry experts in Abu Dhabi to discuss how to leverage the rapid advancement of technology to deliver a more efficient, secure, accessible and cost-effective global trading system – and not only accelerate the movement of goods and services around the world but unlock a potential US$9 trillion in trade value in the G7 nations alone.
Taking place alongside the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO), hosted by the UAE between February 26-29, the TradeTech Forum is a key pillar of the broader TradeTech Global Initiative, which was launched by the UAE in partnership with the World Economic Forum (WEF) in January 2023 to promote the widespread adoption of emerging technologies set to modernize global trade.
Among the high-level speakers at the TradeTech Forum were Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, a company that has successfully deployed a number of technologies in its processes, Børge Brende
, President of the World Economic Forum, and Pamela Coke-Hamilton, ITC Executive Director.
They were joined by a broad ecosystem of global TradeTech pioneers across sessions including ‘Digitalizing Customs Procedures for Seamless Cross Border Transactions’ by the Global Alliance for Trade Facilitation (GATF); ‘Enabling MSME trade through technology and innovation’ by The International Trade Centre (ITC); ‘The Future of Trade: How Trusted AI will Drive Trade Transformation’ by IBM; ‘From Documents to Data: Mapping the Pathway, Clearing the Hurdles’ by the International Chamber of Commerce (ICC); and ‘Use of new technologies and innovative solutions to improve Customs, enhance security, and facilitate trade’ by the World Customs Organization (WCO).
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade and MC13 Chair, who is leading calls for the modernization of trade to make it more efficient, sustainable and inclusive, firmly believes in the significant potential advanced technology has in transforming t
rade around the world.
During a keynote address, HE Al Zeyoudi said: ‘At our disposal today, is an ever-increasing number of tools and applications that can enhance every link in global supply chains. We can already see the potential of artificial intelligence enhancing shipping routes and stock movements, predictive analysis for crisis management and receivables forecasting, and blockchain in customs procedures, payment solutions and trade finance transactions. We already know the end result of these innovations: TradeTech is going to completely transform global trade, and the UAE is determined to be a global leader in its development and deployment. Through collaborative efforts and shared expertise, we can use technology in trade to build a more equitable and sustainable trading system that empowers individuals and communities worldwide.’
During his remarks, HE Al Zeyoudi officially released the UAE-backed whitepaper ‘Regulation 5.0 for Future Trade Tech’. The paper aims to pioneer a new era of trade reg
ulation by exploring the key trends in trade technology and their impact on global trade, and providing a blueprint for a harmonized global regulatory system that will oversee the trading systems of the future. Namely, a proposed alliance to focus on fostering international collaboration on TradeTech regulation to ensure its unified application by trading nations, especially developing countries and least-developed countries (LDCs).
The paper argues that rapid evolution and adoption of technology across global supply chains makes regulating trade technology a crucial element in their widespread adoption. Mechanisms to safeguard trade-related data, to ensure fair competition, to offer consumer protection and privacy, in addition to establishing legal clarity to resolve potential disputes between trading partners, all need to be developed and tested.
From the World Economic Forum, President Børge Brende discussed global growth trends and the challenges facing trade in the year ahead during the TradeTech Forum
, stating that ‘there will be no real economic recovery without trade and investment recovery,’ adding that ‘technology can make trade more resilient and align with our societal values, create jobs, economic growth and higher standards of living.’
Beyond panel dialogues, the TradeTech Forum provided a platform to showcase TradeTech solutions by private sector companies and start-ups, including creators of the only comprehensive map of every Special Economic Zone (SEZ) worldwide Adrianople Group, Africa’s AI powered cross-border platform provider Jetstream, and Swedish fintech Enigio, who’s ‘trace:original’ product digitally mimics paper processes from invoicing and packing lists, to insurance policies or bill of lading (BL).
The TradeTech Forum is set to become an annual event which will take stock of progress made toward modernizing the international trading system and promote collaboration and partnerships to drive its acceleration. It is the first step in building a global movement to usher in lasting ch
ange to the global trading system.
Source: Emirates News Agency