The World Economic Forum Annual Conference, a renowned global event focusing on finance and economy, recently took place in Davos, Switzerland. Leaders from various industries and regions gathered to discuss the trends and topics that are expected to shape the year 2025. Among the key themes discussed at the conference were AI, sustainability, global affairs, and trade. A panel session on tradetech, led by Miishe Addy, CEO of Jetstream Africa, highlighted the potential of new technologies to revolutionize world trade by enhancing efficiency, security, and global connectivity.
AI is anticipated to play a significant role in transforming trade processes, from fraud prevention to personalized services tailored to client needs. Advancements in robotics, blockchain, and the Internet of Things are also expected to drive growth across sectors. While the application of new technologies in trade has the potential to reduce errors, minimize delays, and enhance transparency, the current implementation is fragmented, lacking the necessary scale and interoperability to make a widespread impact.
Thani Ahmed Al Zeyoudi, the United Arab Emirates Minister of State for Foreign Trade, emphasized the importance of improving interoperability to ensure the effective harnessing of new technologies across the industry. Logistics, an area ripe for improvement, still relies heavily on paper-based processes that are prone to errors and delays. A transition to paperless trade procedures could not only save millions of metric tons of paper but also reduce carbon emissions, aligning with environmental, social, and governance (ESG) standards.
Companies like DP World have successfully utilized blockchain technology to streamline trade processes, such as tracking containers and equipment in ports, reducing delays and enhancing transparency. Projects like the Advanced Trade and Logistics Platform in Abu Dhabi have also leveraged technology to expedite clearance procedures for ships and containers, improving efficiency and reducing waiting times.
The Digital Cooperation Organization (DCO) plays a crucial role in facilitating investment in developing countries’ digital economies, democratizing access to finance and technology. Deemah Al Yahya, the Secretary-General of the DCO, highlighted the importance of directing investments towards countries that stand to benefit the most from digital transformation, emphasizing the potential for significant economic growth through the digital economy.
As developing countries and SMEs increasingly adopt AI-driven tools, the democratization of trade becomes more feasible by providing equal access to data for monitoring and optimizing supply chains. Theodore Krantz, CEO of Interos, emphasized the importance of leveraging AI technology to collect and analyze data from all market perspectives, enabling businesses to build resilience and predict risks effectively.
In conclusion, the potential of new technologies to revolutionize the trade industry is promising, but it requires a concerted effort to enhance interoperability, direct investments strategically, and ensure equal access to tradetech for businesses of all sizes. By prioritizing these factors, the industry can unlock the full potential of tradetech and drive sustainable growth and innovation in the global economy.
