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Jeddah - Yasmine El Tohamy - RIYADH: The UAE is forecasting its e-commerce market will reach $9.2 billion by 2026 amid substantial growth, according to its foreign trade minister.
Speaking to the Emirates News Agency, Thani bin Ahmed Al-Zeyoudi highlighted the crucial need for mobilizing international efforts to ensure the sustainability of supply chains by embracing digitization and advanced technologies.
The minister considers this approach no longer a luxury but a crucial factor in addressing climate challenges, citing World Bank studies that reveal global trade contributes up to 25 percent of total carbon emissions.
He highlighted the UAE’s partnership with the World Economic Forum to launch the Trade Tech Initiative to expedite the digitization of international supply chains, streamline customs procedures, and enhance developing countries’ participation in the global trading system.
Al-Zeyoudi emphasized the significance of the Trade Tech Initiative in modernizing global trade by leveraging Fourth Industrial Revolution tools to eliminate the cumbersome and inefficient paper-based processes that currently dominate supply chains.
Regarding establishing an environmentally conscious business landscape and its impact on global supply chain sustainability, Al-Zeyoudi underscored the role of green trading characterized by the exchange of eco-friendly goods and services as a major driver for fostering a more sustainable and resilient global economy.
Discussing the role of e-commerce in mitigating carbon emissions, the minister noted the rapid growth of the e-commerce market in alignment with the ongoing technological revolution. Studies indicate that the digital trade surge positively influences carbon emissions reduction, with online shopping having half the carbon footprint of traditional shopping.
Al-Zeyoudi highlighted the importance of considering these transformative changes when shaping the future of global trade.
He emphasized the UAE’s commitment to achieving this vision by hosting the 13th World Trade Organization Ministerial Conference in Abu Dhabi in February 2024, addressing various critical issues requiring global consensus to reshape the international trade system and expedite technological advancements.
Al-Zeyoudi mentioned the launch of the report “Exploring the Green Horizon” during the 2023 UN Climate Change Conference Trade Day by the Ministry of Economy, providing insights into the intersections of trade with the global sustainability movement.
Regarding the UAE’s contribution to global supply chains, the minister highlighted the nation’s efforts to reinforce its status as an international logistics hub and gateway, facilitating the seamless movement, flexibility, and efficiency of multinational supply chains.
The UAE’s strategic location positions it at the crossroads of global trade, with 2.4 percent of the total sea container trade passing through, solidifying its status as a pivotal center for supply chains.
In discussing the future of trade at COP28, Al-Zeyoudi highlighted the historic inclusion of trade in the event’s official agenda.
He emphasized the significance of “Trade Day” in exploring mechanisms for global trade to contribute to reducing carbon emissions, particularly in anticipation of the 13th WTO Ministerial Conference, which will assess the functioning of the multilateral trading system and set the course for future WTO activities.
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