UAE Launches Global TradeTech Sandbox to Drive Innovation in Trade

UAE Launches Global TradeTech Sandbox to Drive Innovation in Trade

By Staff Writer, 22 January 2024

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

The primary objective of this initiative is to foster innovation in trade technology and establish global best practices.

Through the TradeTech Sandbox, the UAE aims to drive technological advancements in trade by implementing adaptable and forward-looking regulatory frameworks.

These frameworks aim to unleash the full potential of trade technologies, fostering a more efficient and streamlined interaction among exporters, logistics companies, ports, regulators, and customs officials.

The TradeTech Sandbox is designed to create an environment conducive to innovation in trade technology.

By facilitating collaboration and communication between key stakeholders, the initiative seeks to enhance the overall efficiency of global trade processes.

The UAE government envisions a smoother trade environment achieved through the implementation of flexible regulatory structures.

This forward-thinking approach is expected to set new standards for the global adoption of trade technology.

The establishment of the Global TradeTech Sandbox was formalized through a memorandum of understanding (MoU) signed during the World Economic Forum (WEF), attended by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Klaus Martin Schwab, the WEF Founder and Executive Chairman.

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

Source: Zawya

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