According to the organization’s annual report, which addresses trends in the multilateral trading system, reducing trade costs and improving productivity can significantly support global trade growth and GDP over the next two decades.
Commenting on the report, WTO Deputy Director-General, Joanna Hill, stated: “It can be a bright spot for trade amidst an increasingly complex global environment,” emphasizing that “this technology is reshaping the global economy due to its ability to reduce costs and enhance efficiency.”
The report mentioned that low-income countries could achieve an 11% growth in their exports if they invest in improvements. To ensure broader benefits from artificial intelligence gains, the organization stressed the need to build a trading system based on clear rules and reduce tariffs on essential materials for AI technologies, such as semiconductors.
