Today the World Trade Organization (WTO) released its
2018 report that highlights the impact of digital technologies on trade. The four technologies they stress are the Internet of Things (IoT), artificial intelligence (AI), 3D printing and blockchain.
The organization expects trade to grow by an extra 2% annually between 2016 and 2030. The net impact will be 31%-34% growth over 15 years. While technology can help cut costs and enhance revenues, much of the growth will come from services. It predicts services trade share will grow from 21% in 2016 to 25% in 2030.
The report says: “New technologies can also significantly affect what we trade, who trades what, and how we trade. The wide adoption of digital technologies is changing the composition of trade in different categories of services and goods, and is redefining intellectual property (IP) rights in trade.”
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