UAE launches new tool to spark innovation in trade technology

UAE launches new tool to spark innovation in trade technology

The UAE government has launched the Global TradeTech Sandbox, as part of the TradeTech Initiative, in partnership with the Ministry of Economy, the Abu Dhabi Department of Economic Development (ADDED), and the World Economic Forum (WEF).

The TradeTech Sandbox aims to spark innovation in trade technology and establish best practices for its global adoption.

It will achieve this by implementing flexible and forward-looking regulatory frameworks that unlock the potential of these technologies. By streamlining the interaction between exporters, logistics companies, ports, regulators, and customs officials, it will create a smoother and more efficient trade environment.

This came through a memorandum of understanding signed during the WEF in the presence of Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Klaus Martin Schwab, the WEF Founder and Executive Chairman, reported Wam.

The MoU was signed by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Al Jasim Al Zaabi, the Chairman of ADDED, and Sean Doherty, Head, International Trade and Investment, and Member of the WEF Executive Committee at the 54th Annual Meeting of the WEF in Davos, Switzerland.

Al Zeyoudi said: “The adoption of advanced technologies is accelerating in various sectors, and it is important that international trade keeps pace