UAE Minister of State for foreign Trade Thani AlZeyoudi, highlighted at World Economic Forum at Davos 2024 how AI, data analytics and blockchain can make trade smarter, cleaner and more accessible.
In a tweet on X, he noted, “The UAE is leading the charge to digitize global trade. During the Davos session we discussed TradeTech’s trillion dollar promise. I highlighted how AI, data analytics & blockchain can make trade smarter, cleaner & more accessible and how our TradeTech initiative is inspiring action.”
In a tweet prior, Minister Al Thani noted, “Ahead of the WTO (World Trade Organization) MC13 meeting in Abu Dhabi, the UAE is seeking to harness global action to deliver a technologically enabled, accessible and inclusive global trading system. It was great to outline our thinking during DP World’s Strategic Dialogue on Trade at Davos.
He also talked about ISO-backed and digitally enabled, EcoMark which has been approved in UAE allowing MSMEs to showcase their green credentials, whether the sustainability of their products or value chains. He states,” It builds on our COP28 legacy and looks ahead to WTO’s MC13 in Abu Dhabi, where inclusive trade will be a key theme.
At Davos WEF in 2023, the UAE government signed an MOU with WEF (World Economic Forum) to support UAE’s new Blockchain and AI enabled Trade Tech initiative. The initiative was designed to accelerate the digitization of international supply chains, enhance customs procedures, and 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 Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), and Prof. Klaus Schwab, WEF Founder and President.
The agreement supported the UAE’s efforts to deliver the initiative’s four key components: a global forum to gather trade, industry and technology leaders to share best-practice; an annual research report into the trade tech landscape, real-life applications and emerging trends; a regulatory sandbox to enable companies and startups to experiment with trade-tech innovations; and an incubator for promising startups in the trade tech space.
This is not the first time Al Thani talks about blockchain or crypto at DAVOS. During WEF in 2023, he spoke on how crypto will play a major role in UAE trade. He was speaking to Bloomberg.
Back in 2023 commenting on the crypto sector, the minister stated that “crypto will play a major role for UAE trade going forward;” as he outlined that “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”