UAE (TradeTech) initiative takes centre stage at World Economic Forum

UAE (TradeTech) initiative takes centre stage at World Economic Forum

DAVOS, Switzerland - Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, noted that advanced technologies have the potential to revolutionise global trade and unleash a new era of growth by increasing operational efficiencies, enhancing supply-chain resilience and facilitating the participation of new players in the global trading system. The statement came during a press conference held at the World Economic Forum (WEF) today to tackle the digital transformation of global trade. The meeting in Davos marks the first-year anniversary of the launch of the TradeTech Global, a joint initiative by the UAE and WEF to accelerate the integration of tools such as artificial intelligence, machine learning, blockchain and the Internet of Things into supply chains. The press conference followed the launch of a new report published by the UAE Ministry of Economy and the World Economic Forum entitled "TradeTech: Catalysing Innovation", which emphasised how the integration of technology into the global trading system will add US$9 trillion to the value of trade among the G7 nations – with wider catalytic potential for developing and least developed countries across the world. The report offered a detailed roadmap for governments, global trade bodies and the private sector to