Digital innovation is changing the way that global trade is transacted, by delivering new capabilities that facilitate optimised, efficient processes and more frictionless trade. Technology has already enabled micro, small and medium-sized enterprises (MSMEs) across the globe to identify counterparties and to trade goods over far greater distances, while advances in communication and transportation have supported the growth of more sustainable global value chains.
Digital processes that leverage blockchain and the latest advances in artificial intelligence (AI), now have the potential to further boost global trade activity and thereby economic growth, which is important as global trade volumes are forecast to rebound by 7.2% in 2021 following the pandemic induced slump.
