""AI could be a bright spot for trade in an increasingly complex trading environment," said the Deputy Director General of the WTO, Johanna Hill, commenting on the annual report that analyses trends in the multilateral trading system. Acknowledging current turbulence in the world trading system, Hill noted that AI was reshaping the future of the global economy and international trade, with the potential to reduce trade costs and boost productivity."
"The report highlighted how businesses could reduce costs in logistics, regulatory compliance and communications. "AI-driven translation technologies can make communication faster and more cost-effective, particularly benefiting small producers and retailers by enabling them to expand into global markets," the report said. Such advancements could help increase export growth in low-income countries by as much as 11%, provided they improved their digital infrastructure."
Artificial intelligence could boost the value of trade in goods and services by nearly 40% by 2040, with global trade rising 34–37% and global GDP increasing 12–13% under modeled scenarios. Lower trade costs and higher productivity can drive these gains. Businesses can reduce costs in logistics, regulatory compliance and communications through AI tools. AI-driven translation technologies can make communication faster and more cost-effective and help small producers and retailers expand into global markets. Export growth in low-income countries could rise by as much as 11% if digital infrastructure improves. Without targeted investment and inclusive policies, AI risks deepening economic divides and leaving workers and some economies behind.
Read at Fast Company
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