Adopting AI for trade: Business insights to inform policy and practice
From reducing costs to enhancing productivity, artificial intelligence (AI) is reshaping global trade and creating new opportunities for companies of all sizes and geographical locations to expand their reach in the global economy.
But while AI offers the promise of levelling the playing field – particularly for small firms in developing economies – it could just as easily risk deepening existing divides if barriers to inclusive adoption are not addressed, this joint survey by ICC and the World Trade Organization identifies.
A joint survey by the International Chamber of Commerce and the World Trade Organization (WTO) examines how companies around the world are adopting AI to support trade-related activities. It finds that:
- Nearly 50% of surveyed firms already use AI to support trade-related activities.
- 90% report tangible benefits from using AI in trade, ranging from efficiency gains and expanded export bases, to a broader range of traded import and export products.
- Up to 50% reductions in trade-related costs have been reported by businesses, including in communications and compliance functions.
- AI could open new pathways for micro-, small- and medium-sized enterprises (MSMEs) in lower income economies to diversify exports and reach new markets.
- AI adoption remains uneven, despite potential, with many businesses citing concerns over regulatory fragmentation, skills shortages, lack of trust and security risks.
More information:
https://iccwbo.org/news-publications/report/adopting-ai-for-trade-business-insights-to-inform-policy-and-practice/
