The Digital technologies such as services can significantly increase trade and reduce costs, a World Trade Organization (WTO) report shows.
According to the organization's projections, world trade will grow 31-34 percentage points of greater expansion by 2030. On the other hand, the report considers that the Reducing business costs could be especially beneficial for micro, small and medium-sized enterprises (MSMEs), provided they have the ability to keep up to date with the adoption of digital technologies.
Growth of developing economies
The share of developing and least developed economies in world trade will increase by 57 percent by 2030, from 46 percent in 2015, the document notes.
Customs and logistics
Solutions like Blockchain, a decentralized digital transaction system, can reduce the time spent in customs compliance and logistics. Therefore, the text says, these technologies would reduce transport and storage costs, which represent an important part of trade.
Comparative advantage
Artificial intelligence, 3D printing and robotics They are a comparative advantage by reducing the workforce, as well as the quality of the digital infrastructure and the size of the market, in addition to the appropriate institutions and regulatory frameworks, including the protection of intellectual property, the document highlights.
International cooperation in key areas
Initiatives like Facilitate a favourable legal and regulatory framework, competition issues, intellectual property rules, support MSMEs and address challenges related to trade facilitation and the infrastructure for information communication technology, justify international cooperation as key areas.
The expansion of digital trade, the report explains, has the potential to generate benefits if carried out under conditions that address public policy challenges.
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
