By Dpa/nan
Copyright businessday
Artificial Intelligence (AI) has the potential to significantly boost trade in goods and services, according to the World Trade Organisation (WTO).
According to the WTO’s latest World Trade Report released in Geneva on Wednesday, the use of these technologies could increase global exports and imports by an additional 37 per cent by 2040.
AI programmes are already contributing to efficiency improvements by providing more transparency in supply chains, automating customs procedures and making it easier for companies to comply with complex regulations, it said.
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The potential AI boost is the largest when it comes to the trade in digital services, the report said.
The WTO’s model indicates additional growth of up to nearly 42 per cent in this area.
For processed goods, the maximum projected AI increase is about 24 per cent while for raw material trade, it is only about 10 per cent.
WTO Director General Ngozi Okonjo-Iweala also warned of a growing gap between rich and poor, both internationally and within countries.
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“Without proactive political measures and stronger international cooperation, AI could deepen inequalities rather than reduce them,” she wrote in the report.
The WTO noted that digital infrastructure and technology, as well as skilled personnel, are currently concentrated in a few higher-income countries.
The report advocated for targeted educational programmes and other strategies to avoid inequalities.
