HE Dr Thani Al Zeyoudi underscores the transformative power of AI in TradeTech knowledge-sharing session

• The AI and Global Trade: Future of TradeTech session invited leading trade and technology experts to discuss the role of artificial intelligence in trade modernization.
• The Ministry of Economy launched the TradeTech initiative in partnership with the World Economic Forum and the Abu Dhabi Department of Economic Development at the Annual Meeting in Davos in January 2023.
• HE Dr Thani Al Zeyoudi: “In front of us is the opportunity to come together as policymakers, trade bodies, logistics hubs and private businesses and reshape international commerce – from its digital infrastructure to its regulatory frameworks.”

Abu Dhabi – October 2, 2024: His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has outlined the importance of governments, businesses and international organizations working together to invest in digital infrastructure, support innovation and integrate tools such as Artificial Intelligence (AI) to develop a modern, resilient and future-proof global trading system. His Excellency made the remarks during a knowledge-sharing session as part of the TradeTech Initiative, the three-year global project led by the World Economic Forum (WEF), the UAE Ministry of Economy, and the Abu Dhabi Department of Economic Development (ADDED).

AI is the core theme of the TradeTech Initiative’s second year, reflecting its emerging influence on the logistics sector. Titled “AI and Global Trade: Future of TradeTech”, the session gathered industry experts, technology practitioners and thought leaders to offer their insights on where AI’s transformational potential can best be harnessed – and where its impact on supply-chain efficiencies is already being felt. For instance, AI tools are enabling companies to source and evaluate new suppliers based on size, location and relevant certification, and even automate negotiations, using chatbots to provide and agree transportation quotes.

In his address to launch the knowledge-sharing session, His Excellency Dr Thani made the case for its adoption throughout global trade. “Artificial intelligence enables us to fast-forward into the future. We can leave behind cumbersome legacy systems that stifle growth and dampen productivity. Its impact on supply chains is already clear, optimizing shipping routes, anticipating disruptions and sorting shipments. But so far it’s integration has been piecemeal and fragmented. In front of us is the opportunity to come together as policymakers, trade bodies, logistics hubs and private businesses and reshape international commerce – from its digital infrastructure to its regulatory frameworks,” he said.

“Today’s discussions, and the wider TradeTech Initiative, will play an important role in inspiring the change this requires. It is our responsibility to now harness these ideas and drive forward global trade for the benefit of all,” His Excellency added.

The discussions in the knowledge-sharing session, which will be used to inform the second TradeTech Initiative Report, covered the impact of AI on global trade regulations, the preparedness of emerging markets for digitized trade, AI’s role in improving trade forecasting, and how companies can bridge emerging skills gaps in their workforces.

The featured speakers included Tim Stekkinger, Head of TradeTech Initiative at the World Economic Forum, Prof. Marek Kowalkiewicz, Founding Director of the Centre for the Digital Economy at Queensland University of Technology, Wolfgang Lehmacher, an international expert and practitioner in the field of supply chain and logistics, and Philippe Isler, Director for Global Alliance for Trade Facilitation.

Tim Stekkinger, Head, TradeTech Global Initiative at World Economic Forums stated, “Artificial intelligence is not merely a tool for tackling trade's traditional challenges - it's a catalyst for reimagining trade as we know it. Through robust public-private partnerships and collaboration across the entire trade ecosystem – from producers to policymakers, logistics providers to consumers – we can harness AI's full potential to create a more efficient, sustainable and inclusive global trade landscape that drives shared prosperity for all."

The TradeTech Initiative was launched by the Ministry of Economy in collaboration with the World Economic Forum and the Abu Dhabi Department of Economic Development at Davos in January 2023 with the goal of inspiring the integration of advanced technologies throughout global supply chains. The first year of the initiative resulted in the first TradeTech Report and the inaugural TradeTech Forum in Abu Dhabi, which coincided with the 13th Ministerial Conference of the WTO.