Brende: AI & machine learning can work in the interest of trade

The World Trade Organization's 13th Ministerial Conference in Abu Dhabi is currently in full swing, with a focus on enhancing innovative approaches to streamline inclusive and sustainable global trade through technological innovation. President of the World Economic Forum, Børge Brende, emphasized the significant impact that technology such as artificial intelligence (AI), machine learning, and Internet of Things (IoT) can have on trade. He highlighted the importance of leveraging these tools to create a more efficient and cost-effective trading environment that benefits all parties involved. Brende pointed out that these technologies can enhance trade by simplifying processes, reducing costs, and ultimately driving economic growth and prosperity. One key example cited was the digitalization of phytosanitary export certificates in Morocco, which resulted in annual savings of $40 million due to improved efficiency and screening processes. This success has prompted the World Economic Forum to expand similar projects to other countries. Brende stressed the need for collaboration and partnership to harness the full potential of technology in trade. By finding the right balance of regulation and embracing technological innovation, trade can become more resilient, align with societal values, and foster job creation and economic development. He highlighted the transformative power of trade in reducing global poverty, citing the remarkable progress from 42% of the population living in extreme poverty in 1990 to less than 10% today. Despite the challenges of environmental sustainability and inclusivity, Brende underscored the essential role of trade in driving growth and prosperity for future generations. The intersection of technology and trade presents a vast opportunity for advancement and development, and Brende urged stakeholders to seize this moment and actively participate in shaping the future of global trade.