• | 12:00 pm

UAE launches new tool to create an innovative global trade ecosystem

The Global TradeTech Sandbox aims to enhance the coordination among exporters, logistics firms, ports, regulatory bodies, and customs officials

UAE launches new tool to create an innovative global trade ecosystem
[Source photo: Anvita Gupta/Fast Company Middle East]

At the World Economic Forum (WEF) in Davos, UAE launched the Global TradeTech Sandbox to revolutionize international trade, unlocking the transformative potential of cutting-edge technologies through flexible and forward-looking regulatory frameworks.

This collaborative effort is spearheaded by the UAE Ministry of Economy, the Abu Dhabi Department of Economic Development, and the WEF.

From streamlining interactions between exporters, logistics companies, ports, and regulators to fostering innovation in customs procedures, the TradeTech Sandbox aims to create a seamless and efficient trade ecosystem.

Startups will also find fertile ground to test their ideas and bring disruptive solutions. At the same time, policymakers will have the opportunity to craft agile regulatory frameworks that adapt to the ever-shifting landscape of technological advancement.

“The adoption of advanced technologies is accelerating in various sectors, and it is important that international trade keeps pace with these developments now more than ever,” said Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. “We need to re-evaluate the current regulatory frameworks to keep pace with the digital transformation and address the future.”

“Global TradeTech also provides a platform through which forward-looking regulatory policies can be adopted that adapt to the future, enhance innovation, protect stakeholders, and ensure the flexibility of global trade systems,” Al Zeyoudi added.

Ahmed Al Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, says this initiative is a testament to the UAE’s unwavering commitment to shaping a more efficient and equitable global trade system.

“This initiative embodies the imperative for collaborative efforts in shaping a better future for all. By adopting bold policies and fostering international partnerships, the UAE is setting a powerful example for proactive leadership in the face of a changing global economy,” he added.

Now accepting applications for Fast Company Middle East’s Best Workplaces For Women 2023. Click here to register.

More Top Stories: