2024-02-27 16:31:06
The UAE launched a new initiative aimed at combining the transformative power of technology with the sustainability and inclusiveness of global trade, as part of the activities of the Trade Technology Forum, held in parallel with the Thirteenth Ministerial Conference of the World Trade Organization in Abu Dhabi.
The “Trade, Sustainability and Artificial Intelligence” initiative seeks to harness the power of rapidly developing artificial intelligence in supply chains, to enhance the contribution of global trade in the battle once morest climate change. It has identified a number of ways in which it can make an immediate impact, including improving shipping routes to reduce fuel consumption and carbon emissions; Improving logistics processes such as inventory management and freight movements; Developing commercial infrastructure that is resilient to climate change and forecasting extreme weather events; and improving traceability and transparency in global supply chains, ensuring visibility into the sustainability of traded goods.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chairman of the Thirteenth Ministerial Conference of the World Trade Organization, said that the two declarations confirm the UAE’s commitment to supporting the development of trade technology tools and comprehensive regulatory frameworks that will allow their global use.
He added that by adopting technology such as artificial intelligence, we have an opportunity to redefine the future of trade and make it more efficient, transparent and sustainable, noting the great importance of the two initiatives in enabling us to fully benefit from the power of artificial intelligence in global supply chains, so that technological development in parallel with regulatory oversight contributes to ensuring Compatibility and wide adoption.
He stressed the need to share the benefits of advanced technology equally, and this means ensuring not only the availability of tools, but also their full accessibility, to the benefit of all countries.
The Trade, Sustainability and AI initiative works with international organisations, governments and industry leaders to produce comprehensive reports exploring the convergence of AI, global trade and sustainability; Arranging annual seminars that bring together leading experts in the field of artificial intelligence, sustainability and trade to exchange ideas, knowledge and experiences; developing a global research network on trade, climate and artificial intelligence issues; Develop an international coalition between ministers from major global business centers who will work with senior executives to propose future regulation for the use of artificial intelligence in trade.
The initiative, which launches from the UAE, also announced a number of key partners, including the Abu Dhabi Investment Authority Laboratory, Core42, the Mohammed bin Zayed University for Artificial Intelligence, and Al Maqta Gateway, the digital arm of the Abu Dhabi Ports Group. Other partners will be added to the initiative in the future.
The Trade Technology Forum forms an essential part of the Global Trade Technology Initiative, which was launched by the UAE in cooperation with the World Economic Forum on the sidelines of its annual meeting in January 2023, and aims to usher in a new era of trade growth by taking advantage of advanced technologies such as blockchain, artificial intelligence, Internet of Things and data analytics to add trillions of dollars to the value of global trade.
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