In order to understand how innovation is reshaping trade to make it more agile, efficient and inclusive, the World Economic Forum (WEF) has published a report on the incorporation of emerging technologies in trade.
The publication titled “Trade Tech Mapping: Trade in the Fourth Industrial Revolution” considers two classes of technology for commerce. On the one hand, there are those that transform business data and processes from analog to digital. On the other hand, there are technologies that optimize and synchronize business processes between different parties, such as artificial intelligence (AI), Internet of Things (IoT), blockchain and 5G.
Regarding the revolution that world trade is experiencing, the Secretary General of the World Customs Organization (WCO), Kunio Mikuriya, He wrote the foreword to the report and stressed that Customs is no exception. in this evolution, given its mandate to facilitate trade, protect society and ensure effective revenue collection.
"The current global health crisis has revealed the urgent need for Customs and everyone in the supply chain to digitize procedures and apply technology to achieve more efficient connectivity and collaboration and enable contactless processes,” the WCO head added. However, he clarified that should be carried out taking into account harmonized approaches, based on international standards such as the WCO Data Model.
The report outlines a range of technologies used in trade; those with the most transformative impact are outlined based on a global survey conducted by the WEF from June to September 2020. The survey was conducted to understand how businesses are currently using technologies across the global value chain and assess which will have the most significant impact on global trade. Included in the list of the most transformative technologies are: e-commerce/digital payment, cloud computing, internet of things, smart border systems, digital services, blockchain and artificial intelligence.
In addition, the survey highlighted the main outcomes of technology adoption in trade. These effects include efficiency gains from trade facilitation and improved supply chains, the emergence of new digital products and services, environmental gains from more efficient logistics coordination, and the inclusion of smaller players in trade.
The report highlights that the democratization of technology can help close the gaps between developed and developing countries, as well as between small and large companies, even offering significant opportunities. It concludes thatTechnology applied to commerce is here to stay. Therefore, Your approach should be directed towards fostering collaboration public-private partnership and international cooperation to ensure efficiency gains and advanced development for all.
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.
