The World Economic Forum (WEF) will convene 300 ministers, business leaders, experts and civil society to examine the use of cutting-edge technologies in trade.
The meeting, entitled "TradeTech Forum 2024", is the first meeting dedicated to the new generation of technologies with immediate impact on trade, which will take place within the framework of the 13th Ministerial Conference of the World Trade Organization (CM13).
According to the official statement, the forum is organized by the World Economic Forum, the Ministry of Economy of the United Arab Emirates (UAE) and the Department of Economic Development of Abu Dhabi.
It is based on the initiative TradeTech Global, The AI-powered trade forum is managed by the World Economic Forum, whose effort is aimed at addressing the dynamics of global trade by using new technologies in trade and exploring policy and business models. For example, AI can anticipate and solve supply chain problems, facilitate risk management in customs clearance, and suggest optimal routes. Blockchain can be deployed to facilitate trade finance, particularly for smaller players, which will improve efficiency at the docks and unlock access to the global trading system. At the same time, IoT applications can help warehouse management, improve just-in-time logistics, and reduce energy consumption.
About, Brende Mountain, President of the World Economic Forum said: “It is time to revitalize trade and this includes the urgent need to understand and integrate new technologies.” This can lead to a trade recovery and get us out of the “slowdown.”
Meanwhile, Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and MC13 Chairman, said: “Technology has the potential to positively impact every link in global supply chains, from automated customs controls to AI-driven inventory management systems. It can also expand the reach of trade, enabling smaller nations and SMEs to participate in the global trading system equitably and securely.”
According to WEF, the discussions in Abu Dhabi were presented at the Davos Annual Meeting 2024, which called for a functioning rules-based global trading system and sought outcomes on investment facilitation, e-commerce and sustainable trade, among others Relevant issues of CM13.
roundtables TradeTech Forum 2024 will focus on how apps could make trade more sustainable, inclusive and development-oriented. This includes helping businesses efficiently navigate and comply with new regulatory or consumer requirements for supply chain resilience and transparency. There will also be a focus on deploying technology to facilitate trade processes in developing economies and address trade finance shortcomings, particularly for small businesses.
This is a pivotal moment that heralds a new era of business capable of generating enormous value for all.
- Date: 27 of February 2024
- Place: Abu Dhabi National Exhibition Centre, United Arab Emirates
- www: information to deepen the theme.
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