The use of advanced technologies, from artificial intelligence to robotics, has the potential to transform global trade and unlock a new era of growth, according to the UAE's Minister of State for Foreign Trade.
Technology including machine learning, automation and the Internet of Things can revolutionise global trade by boosting supply-chain resilience, increasing operational efficiencies and allowing new players to enter the market, Dr Thani Al Zeyoudi said during a press conference at the World Economic Forum in Davos, Switzerland.
“The UAE believes that digital transformation is the best tool to navigate the challenges confronting global supply chains, from access to operational efficiency,” he said on Thursday.
“We as governments have to be bold and proactive in building the infrastructure, both physical and legal, that technology needs to truly transform trade.”
The press conference on Thursday marks a year from the launch of TradeTech Global, a joint initiative by the UAE and WEF to boost the digitisation of international supply chains, enhance customs procedures, improve developing countries’ access to the global trading system and spur trade growth.
A report released on Thursday by the UAE Ministry of Economy and the World Economic Forum, titled TradeTech: Catalysing Innovation, called for more collaboration among trade stakeholders to unlock the full potential of these technologies, which could lead to “trillions of dollars” in additional revenue.
Leveraging advanced technologies can help “streamline trade processes and foster a more efficient, inclusive, sustainable and equitable trading ecosystem”, the report said.
Entrepreneurs, investors, regulators and industry leaders must work together – sharing costs, hedging risks and directing substantial investments – to facilitate technological transformation, it said.
“The complex webs of interactions involved in global trade complicate efforts to optimise the system’s operation. When supply chain participants try to maximise only their own self-interest, the outcome is frequently suboptimal and can lead to significant inefficiencies and missed collective goals,” the report said.
Advanced technologies can be used in four main areas: logistics, trade finance, carbon reduction, and trade compliance, the report showed.
Trade initiatives
The UAE minister confirmed plans for an incubator that will provide support for new projects and start-ups in the trade tech sector, according to a statement.
A new regulatory sandbox, specifically created to co-design, implement, pilot and promote a set of cutting-edge regulatory policies for trade tech, was also announced at the 2024 Davos meeting this week.
The Trade Tech Global initiative will also include the Trade Tech Alliance, which will bring leaders, chief executives and experts to share best practices and identify ways for future collaboration. The TradeTech Forum will be held in the UAE in parallel with the World Trade Organisation’s 13th Ministerial Conference (MC13) that Abu Dhabi will host next month.
“We continue to make important strides forward and, as chair of MC13, I look forward to furthering the integration of trade tech tools and eliminating the roadblocks to their implementation,” Dr Al Zeyoudi said.
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Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
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Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
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Liverpool v Roma
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Killing of Qassem Suleimani
More from Neighbourhood Watch:
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
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Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
