WTO sees tech adding one third to annual trade by 2030
Reuters
Published Oct 03, 2018 05:17AM ET
WTO sees tech adding one third to annual trade by 2030
GENEVA (Reuters) - Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday.
Blockchain, artificial intelligence, the internet of things, 3D printing and other breakthroughs would fundamentally change trade, WTO Director-General Roberto Azevedo said as he launched the report.
"This is structural, this is here to stay ... It is a revolution," he told a conference at the WTO's headquarters in Geneva.
"Notwithstanding the current trade tensions, we predict that trade could grow yearly by 1.8 to 2.0 percentage points more until 2030 as a result of the falling trade costs, amounting to a cumulated growth of 31 to 34 percentage points over 15 years," he wrote in his foreword to the WTO's World Trade Report 2018.
That compares with a fall in global trade costs of 15 percent between 1996 and 2014, the report said.
Global e-commerce transactions were estimated to be worth $27.7 trillion in 2016, of which $23.9 trillion were business-to-business, the report said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.