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UAE Launches ‘Markets of Tomorrow’ Initiative

The UAE government announced the signing of an agreement with WEF in the development of applications of the Fourth Industrial Revolution. (Asharq Al-Awsat)
The UAE government announced the signing of an agreement with WEF in the development of applications of the Fourth Industrial Revolution. (Asharq Al-Awsat)
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UAE Launches ‘Markets of Tomorrow’ Initiative

The UAE government announced the signing of an agreement with WEF in the development of applications of the Fourth Industrial Revolution. (Asharq Al-Awsat)
The UAE government announced the signing of an agreement with WEF in the development of applications of the Fourth Industrial Revolution. (Asharq Al-Awsat)

The UAE government has launched the "Markets of Tomorrow" initiative, in partnership with the World Economic Forum (WEF).

The initiative aims to develop new business accelerators that will prepare the UAE's national economy to embrace business activities focused on the new economy and boost its readiness to enter tomorrow's markets, utilizing the latest technological means.

The launch of the initiative is part of a comprehensive strategic partnership agreement between the UAE Ministry of Economy and WEF's New Economy and Society Center.

The UAE government also announced the signing of an agreement with WEF in the development of applications of the Fourth Industrial Revolution.

The deal was signed in the presence of Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Deputy Managing Director of Dubai Future Foundation, Jeremy Jurgens, Managing Director & Head of the Forum's Center for the Fourth Industrial Revolution, and Sebastian Buckup, Head of Network and Partnerships, Member of the Executive Committee, WEF.

Al Olama stressed that the strategic partnership between the UAE government and WEF aims to serve communities by employing artificial intelligence, blockchain and various technologies of the future, and sharing innovative experiences and practices to provide supportive environments for the development of new ideas and projects that accelerate the process of scientific, technological, and cognitive progress.

Khalfan Belhoul, CEO of Dubai Future Foundation, said that the Center for the Fourth Industrial Revolution shapes new policies and strategies in areas such as artificial intelligence, blockchain and digital assets, among others.

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Britain Vows to Toughen Its Trade Defenses Under New Strategy

Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
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Britain Vows to Toughen Its Trade Defenses Under New Strategy

Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)

Britain said it would toughen up its trade defenses to better protect industries amid a turbulent global outlook of trade wars and tariffs that has shaped its new trade strategy to be published on Thursday.

Britain is set to partially implement a deal to remove some of US President Donald Trump's tariffs, but acknowledged that its trade remedies system needed to be more "agile, assertive, and accountable to guard British businesses against global turbulence".

"The UK is an open trading nation, but we must reconcile this with a new geopolitical reality and work in our own national interest," Business and Trade Secretary Jonathan Reynolds said.

"Our trade strategy will sharpen our trade defense so we can ensure British businesses are protected from harm."

As part of the strategy, the government will reform the Trade Remedies Authority.

UK Steel has said that the TRA's current powers, under which it proposed to cap how much of certain kinds of steel could be imported, needed to be more robust, and welcomed the trade strategy as a "critical turning point".

Britain is aiming to remove US tariffs on steel imports under their agreement, although the implementation of the deal has not been finalized.

The government has stepped in to take control of British Steel, and other industries are also seeking support, with AB Foods extending its deadline for deciding the fate of its Vivergo bioethanol plant to Thursday in the hope of a support package.

The trade strategy is Britain's first since it has had an independent trade policy after leaving the European Union.

The previous Conservative government hailed the opportunities of Brexit as it pursued several free trade agreements.

While the Labor government, which came to power a year ago, has concluded free trade agreement talks with India and is making progress on another with the Gulf Cooperation Council, it said the new strategy would focus on quicker and more practical deals than the previous government did.