Abu dhabi: The United Arab Emirates has announced the publication of the third annual TradeTech report, which offers a state-of-play review of the role of advanced technology in enabling efficient and resilient global supply chains.
According to Emirates News Agency, as one of the pillars of the TradeTech Global Initiative, which was launched at Davos in 2023 as a partnership between the UAE, the World Economic Forum (WEF), and the Abu Dhabi Department of Economic Development (ADDED), the report is titled ‘The Trade Tech paradox: Connectivity and Fragmentation.’ It introduces the concept of the TradeTech Stack, an integrated framework powered by technology in which nations, regulators, and businesses all contribute to developing a more resilient, inclusive, and efficient global trading system.
The report was officially announced at the World Economic Forum in Davos by Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, during his keynote address to the ‘Recoding Trade’ session. He stated that the report’s findings underline the need for collaborative thinking to ensure advanced technology is fully embraced by the trading community worldwide. Dr. Al Zeyoudi emphasized the integration of technology into supply chains, promising to deliver a new era of trade agility that will accelerate the flow of goods and increase the participation of emerging markets in the global economy. He pointed out that the report highlights the possibilities of a new, technology-powered trading landscape while serving as a reminder of the impediments to widescale adoption, which must be overcome for the sake of economies and trading partners.
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), remarked that the TradeTech Initiative has been instrumental in modernizing global trade since its launch in 2023. He highlighted the power of concerted efforts in developing and employing advanced technologies and methods to enable free and fair trade. Al Zaabi noted that Abu Dhabi continues to advance trade ecosystems and make trade more predictable, faster, safer, and easier through strong partnerships between government and businesses.
Borge Brende, the CEO and President of the World Economic Forum, commented on the role of technology as the connective infrastructure of modern trade. He emphasized that technology is aiding economies and businesses in maintaining continuity through enhanced coordination, efficiency, and confidence in cross-border processes.
The report outlines the four layers of the TradeTech Stack: the Global Foundational Framework, the National Governance Layer, the Trade Enabler Layer, and the Enterprise Layer. Technology serves as the connective fabric of the trading system, augmenting human-centric processes such as customs procedures, logistics solutions, and cross-border payment platforms. The TradeTech Global initiative, launched three years ago, aims to promote and facilitate the deployment of technology in international trade, releasing an annual report focusing on the intersection of cutting-edge technology and the international trading system.