(VOVWORLD) - "AI can reduce trade costs, reshape trade in services, increase trade in AI-related goods and services, and redefine economies' comparative advantages”, said a new report by the World Trade Organization (WTO) on Thursday.
 The World Trade Organization's headquarters in Geneva, Switzerland. (Photo: Getty Images/VNA) |
Titled “Trading with Intelligence”, the report discusses potential impact of artificial intelligence (AI) on world trade.
The WTO, however, warns of a significant and growing AI divide between economies and between large and small firms, data governance challenges, and the need to ensure that AI is trustworthy. AI can assist in automating and streamlining customs clearance processes and border controls, navigating complex trade regulations and compliance requirements, and predicting risks, the report noted.
“By lowering trade costs, AI can help level the playing field for developing economies and small businesses, helping them participate in international trade”, it added.
However, the WTO noted that fragmented approaches to AI regulation globally may hinder trade opportunities, especially for micro, small, and medium-sized enterprises. It calls for global coordination to address regulatory fragmentation and ensure equitable distribution of AI's benefits.