Today: 24 June 2025
19 January 2024
2 mins read

Al Zayoudi Hails UAE’s Adoption of TradeTech

Al Zeyoudi also highlighted how the UAE’s logistics sector has already pioneered several important platforms that showcase the potential of modernised supply chains….reports Asian Lite News

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has underlined the UAE’s role as a leading advocate for the digitisation of the global trading system at the World Economic Forum (WEF) in Davos, Switzerland.

In a session titled “TradeTech’s Trillion-Dollar Promise” at the World Economic Forum in Davos, Al Zeyoudi restated his belief that the tools of the Fourth Industrial Revolution, which include artificial intelligence, data analytics, predictive analysis and blockchain, can unlock trillions of dollars in additional value from international trade – and that the UAE is committed to building a global movement to deliver it.

As part of a panel discussion that also included Pakistan Prime Minister Anwaar-ul-Haq Kakar, Vincent Clerc, CEO of A.P. Møller-Maersk, Deemah Al Yahya, Secretary-General of the Digital Cooperation Organisation (DCO) and Bill Deng, CEO of XTransfer, Al Zeyoudi highlighted the TradeTech Global initiative that the UAE launched in collaboration with WEF in 2023 and the progress that has been made across the last 12 months.

Al Zeyoudi also highlighted how the UAE’s logistics sector has already pioneered several important platforms that showcase the potential of modernised supply chains. These include the UAE Trade Connect platform, which uses blockchain to reduce fraud, human error, and time in the facilitation of trade finance for corporates and SMEs, and the Advanced Trade and Logistics Platform (ATLP) developed by Abu Dhabi Ports to enable digital transactions that have saved US$50 million per year and reduced time spent on paperwork by 70 percent.

Al Zeyoudi, who will be chairing the WTO’s 13th Ministerial Committee in Abu Dhabi next month, reiterated the UAE’s commitment to an open, rules-based multilateral trading system and its role as a driver of economic growth and opportunity, especially for developing countries. According to Al Zeyoudi, the benefits of accelerating the adoption of technology in trade include increasing, protecting and enhancing the participation of more nations in the global trading system whose impact could deliver trillions of dollars to the global economy.

Al Zeyoudi stated, “By leveraging the new generation of trade tech tools, we have the opportunity to revolutionise global trade and create a more efficient, inclusive and transparent trading system that can accelerate economic growth for nations across the world – especially the developing world. We are committed to ensuring the TradeTech Initiative, which we launched here in Davos last year, is the means by which we unleash that potential.”

The World Economic Forum Annual Meeting 2024 in Davos is taking place under the theme “Rebuilding Trust” and has brought together government and business leaders from around the world to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation to the current geopolitical and economic challenges the global economy is currently experiencing.

ALSO READ: Uzbekistan, UAE Sign MoU For Mutual Visa Exemption

Previous Story

‘We the UAE for Strategic Intelligence 2031′ Launched in Davos

Next Story

UAE Showcases Efforts in Developing Economic Partnerships

Latest from -Top News

Qatar Summons Iran Envoy Over Base Strike

Qatar’s Ministry of Foreign Affairs affirmed to Iranian Ambassador Ali Saleh Abadi that it reserves the right to respond to this flagrant violation in accordance with international law. Qatar on Tuesday summoned

No Ceasefire Deal, Says Tehran

Iran’s Foreign Minister Abbas Araghchi says no “agreement” on ceasefire between Israel and Iran…reports Asian Lite News Uncertainty and scepticism mounted on Monday after a surprise ceasefire announcement by the United States,

Qatar: Retaliation on the Table

Majed Al Ansari added that the State of Qatar strongly condemns the attack that targeted Al-Udeid Air Base by the Iranian Revolutionary Guard….reports Asian Lite News Qatar on Monday announced that it

Trump Claims Iran-Israel Truce

The announcement followed a symbolic show of Iran, which shot missiles at a US base in Qatar after having given the US notice of the strike, according to Trump….reports Asian Lite News

Oman Breaks Gulf Taboo on Income Tax

There is no other country in the 6-member Gulf Cooperation Council that imposes income tax….reports Asian Lite News Oman has officially become the first Gulf country to introduce a personal income tax,
Go toTop

Don't Miss

UAE, Germany discuss ways to strengthen cooperation in trade and energy

At least two senior officials from the United Arab Emirates

FedEx unveils new paperless mobile shipping solution

FSML is a web-based mobile shipping solution providing shippers, even