Technology Especially The Internet And International Trade Agreements Have Facilitated

From the application pay to the Alipay to M-Pesa, mobile payments are changing the way we live and associate more people with market opportunities. According to the World Bank`s Global Inclusion Database, the number of people with access to bank accounts increased by 20% between 2011 and 2014, and mobile currency accounts were a key driver of financial inclusion, particularly in emerging countries. More than efficiency gains and better services to consumers, AI is also used to make global trade sustainable. For example, in 2016, Google launched Global Fishing Watch, a real-time tool that uses machine learning to combat illegal fishing by providing a global view of commercial fishing activities based on ship movements and satellite data. It can be used by governments and other organizations to identify suspicious behaviour and develop sustainable strategies. Distributed Ledger technologies based on blockchain and blockchain can have a huge impact on the global distribution chain. Trade organizations such as the Dubai Chamber of Commerce and Industry have also launched an initiative on the use of blockchain technology to address global trade issues such as high costs, lack of transparency and security. At the same time, the global trading system, from pre-digital trade agreements, from transactions that come with a large volume of paper work, to commercial financing, which still depends on traditional banking methods, has not fully exploited the benefits of advanced technologies that could make trade more efficient, inclusive and less costly. In sub-Saharan Africa, for example, 12% of adults (64 million adults) have mobile currency accounts (compared to only 2% worldwide), and 45% of them have only one mobile account. Because the newly created population is associated with mobile payments, it will be much easier for them to participate in world trade, either as consumers or as a business.

Here are the 5 technologies that will disrupt global trade: the jury is still on the impact of 3D printing on world trade. There are studies that predict that world trade could decline by 25% once high-speed 3D printing is mass-market and cheap, because 3D printing requires less work and reduces import requirements. Others argue that these views are overly optimistic and do not take into account the complexity and reality of mass production. Regardless of the position, the effects of 3D printing on world trade are real, especially as faster and cheaper 3D printing techniques become available. It should be noted that these technologies also pose difficult governance challenges, both at the national level and across borders. From the lack of a governance framework to outdated trade agreements to inconsistent licensing and tax requirements, we cannot simply think that these technologies are taking root and will bear fruit. Technological disruptions are not new to the global trading system. The steam revolution has connected the world like never before. The invention of containers laid the foundations for globalization. More recently, technologies such as Optical Character Recognition (OCR) for reading container numbers, Radio Frequency Identification (RFID) and QR codes for the identification and tracking of shipments, as well as the fundamental digitization of business documents have improved the reliability and efficiency of international trade.