At its annual meeting in 2024, the World Economic Forum (WEF) presented a report on Thursday (18.01.2024) outlining steps for technological cooperation to “radically” transform global trade towards new models.
The publication “TradeTech: Catalysing Innovation”, A joint initiative between WEF and the Government of the United Arab Emirates, it was designed to stimulate the digitalization of international supply chains, improve customs procedures and foster a more efficient, inclusive, equitable and sustainable trade ecosystem.
The initiative involves a systematic three-stage process for the implementation of current and future technology in advanced and developing economies. This includes aligning incentives, making use of incubators and regulatory sandboxes, to help technologies grow within the framework of international trade standards.
In this regard, the President of the World Economic Forum, Børge Brende noted that “the application of technology to trade has the potential to unlock trillions of dollars in growth.” In this regard, “trust among stakeholders will dramatically accelerate the speed with which we can benefit,” he said.
Such reflections of BørgeBrende on how technology can improve efficiency, inclusiveness and sustainability, and even strengthen cross-border relations, were joined by World Trade Organization Director-General Ngozi Okonjo-Iweala and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoud. They each highlighted the role of technology in making global trade more efficient, accessible and inclusive, especially in less developed countries. They also stressed the need for the public and private sectors to work closely together to create the right regulatory frameworks and interoperable systems to maximize their impact.
Business initiative
As part of this joint initiative, the holding of the event in February was announced. Trade Technology Forum in Abu Dhabi, hosted by the United Arab Emirates in parallel with the World Trade Organization Ministerial Conference.
“The world is demanding growth and sustainable development, let us be ambitious in using technology to overcome the limits of current trade,” said the UAE Minister of State for Foreign Trade and Chair of the next WTO Ministerial Meeting.
He also stressed the importance of encouraging the global community to make real progress on these issues. “By intelligently deploying technology to make international trade simpler, cheaper and more transparent, we can raise governments’ ambitions to reduce poverty, boost growth and improve sustainability,” he concluded.
To this end, we share the material with you to read, analyze and watch:
The report, here
The Trade Technology Forum, here
The press conference, here
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
