UAE's Ambitious Report Sets the Agenda for 2050
Mokshita P.
10x Industry

UAE's Ambitious Report Sets the Agenda for 2050

His Excellency Dr Thani Al Zeyoudi introduces a report, stating global trade's future challenges and opportunities, addressing technological shifts, sustainability, and the evolving role of emerging economies.

The UAE Ministry of Economy, in partnership with Crescent Enterprises and Gulftainer, presented the 'Trade 2050: A Private Sector Perspective' report during The World Trade Organisation’s 13th Ministerial Conference, held at the Abu Dhabi National Exhibition Centre from February 26th to 29th, 2024.

His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced the report during the Parliamentary Conference on the World Trade Organisation. Dr Al Zeyoudi emphasised the UAE's historical connection to trade and its commitment for the future of global commerce. He stated, "As new technologies emerge and economies seek to become more sustainable and environmentally responsible, the global trading system must constantly evolve."

Badr Jafar, CEO of Crescent Enterprises, shared key findings of the report at the WTO’s MC13’s Ceremonial Gala dinner on February 26th. Addressing trade ministers, officials, and representatives from various sectors, Jafar mentioned the importance of collaboration across public, private, and civil sectors to navigate the impending technological, socioeconomic, political, and environmental changes in the coming years.

Jafar said, "By deepening our collaboration across borders, sectors and disciplines we are able to help shape the major paradigm shifts that will transform the future of trade." He expressed optimism about creating a more prosperous and sustainable future through joint efforts.

The report explores forces expected to impact the trading system over the next 25 years, focusing on the evolving relationship between trade, geopolitics, and global commerce. It underscores megatrends such as technological advancements, the rise of emerging economies, the transformative role of technology, the growth of service trade, and the importance of sustainability.

Tim Haas, Group COO at Gulftainer, emphasised the need for a forward-looking approach to navigate forthcoming changes in the industry. The 'Trade 2050' report advocates for collaboration, innovation, and the development of inclusive regulatory frameworks to ensure a resilient and sustainable future for global trade.

This report stands as a testament to the UAE's proactive role in changing international trade discourse and its position as a major gateway for global trade and investment. It urges relevant stakeholders to take collective actions to anticipate risks, prepare for challenges, and capitalise on opportunities in the evolving landscape of global trade.