UAE launches Trade Tech Initiative at the World Economic Forum Annual Meeting in Davos

UAE launches Trade Tech Initiative at the World Economic Forum Annual Meeting in Davos

- HE Dr Thani Al Zeyoudi: “The UAE is a vocal champion of trade innovation and we believe it is essential to harness the benefits of advanced technology to catalyze global trade”

- HE Mohamed Ali Al Shorafa: “Forming an important complementary extension to the Federal system, Abu Dhabi’s continuously evolving trade facilitation solutions simplify procedures, reduce time and cost, and increase trade volumes”

Davos – The UAE has signed a memorandum of understanding (MoU) with the World Economic Forum during its annual meeting in Davos, Switzerland, to support the UAE’s new Trade Tech Initiative, which is designed to accelerate the digitization of international supply chains, enhance customs procedures, improve developing countries’ access to the global trading system and, as a result, spur a new era of trade growth.

From the UAE’s side, the MoU was jointly signed by HE Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and HE Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Klaus Schwab, Founder and Executive Chairman, World Economic Forum. The agreement will support the UAE’s efforts to deliver the initiative’s four key components: a global forum to gather trade, industry and technology leaders