Today's Edition
ALLAN JACOB (ABU DHABI)
The UAE is seeking innovative ways to boost global trade using technology at this year's World Economic Forum in Davos.
"TradeTech" is the future of exports and imports, and it can be the "gamechanger", according to Dr Thani Al Zeyoudi, Minister of State for Foreign Trade who is with the largest UAE delegation at the annual gathering in the Swiss resort town. While storm clouds gather over the global economy, the UAE remains a bright spark with S&P predicting the economy to grow 5%.
Global growth, however, has been pegged at 2.8% by the ratings agency. What makes the UAE's post-pandemic model refreshing is its approach to trade and growth, which the minister termed "indivisible". Trade goes hand in hand with growth, and the UAE sees opportunities in a challenging environment.
The UAE is, therefore, calling for fresh ideas and a broad vision to kickstart the global trading system post the pandemic in a world that appears to be in a state of perpetual geopolitical tensions.
While the UAE has shown the way with several bilateral free trade deals under the Comprehensive Economic Partnership Agreement (CEPA) umbrella, there is more that can be done with "new thinking", said Dr. Al Zeyoudi.
"Everyone agrees: the global trading programme needs new technologies, new participants and new thinking. If we seize this opportunity, the benefits to the global economy will run into trillions," he said He said the UAE intends to be at the "vanguard of this change, and we based our approach on two principles - innovation and partnership".
Last year, the UAE announced the TradeTech Global initiative with the World Economic Forum. The UAE delegation will announce the progress made this week at Davos and the priorities going forward, the minister said. Dr Al Zeyoudi admitted that supply chains are under pressure from geopolitics and economic disruption, but the way forward is through more trade and not less.
