The UAE government has launched the Global TradeTech Sandbox, as part of the TradeTech Initiative, in partnership with the Ministry of Economy, the Abu Dhabi Department of Economic Development (ADDED), and the World Economic Forum (WEF).
By streamlining the interaction between exporters, logistics companies, ports, regulators, and customs officials, it will create a smoother and more efficient trade environment. The TradeTech Sandbox aims to spark innovation in trade technology and establish best practices for its global adoption.
It will achieve this by implementing flexible and forward-looking regulatory frameworks that unlock the potential of these technologies. The MoU was signed by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Al Jasim Al Zaabi, the Chairman of ADDED, and Sean Doherty, Head, International Trade and Investment, and Member of the WEF Executive Committee at the 54th Annual Meeting of the WEF in Davos, Switzerland.
Al Zeyoudi said: “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. We need to re-evaluate the current regulatory frameworks in order to keep pace with the digital transformation and address the future.”
“Global TradeTech Sandbox is designed to keep pace with technological developments in all fields, to provide means for start-ups to access markets. It 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,” he added.