Digital technologies to cut trade costs significantly: WTO

FT ONLINE

Digital technologies are likely to bring down trade costs and boost trade significantly, especially in services and for developing countries.

Four type of technologies — the Internet of Things, artificial intelligence, 3D printing and Blockchain — will have a profound impact on global trade.

These technologies will increase the trade growth up to 34 percentage points by 2030 due to lower costs and higher productivity.  

The World Trade Report-2018 revealed these benefits of digital technologies on the world trade.

The World Trade Organisation (WTO) released the report on Wednesday at the WTO Public Forum in Geneva , according to a press statement of the organisation.

WTO also pointed out that these technologies could also create a challenging environment for those seeking to keep up with the latest innovations.

The report mentioned that global trade is projected to grow by an additional 2.0 percentage points annually between 2016 and 2030 as a result of digitalisation, falling trade costs and the increased use of services.