Disruptive tredetech piloted for trade operations are revolutionizing global trade.

In the modern connected world, everything is connected to the internet via smart digital technology. This digital technology is revolutionizing the way international trade and investment function. Global exporters and importers are increasingly leveraging such technologies for purchase and sales of goods and services online. Digitization in the trade typically lessens the cost of international trade, connecting businesses and consumers worldwide. It is also creating new trade opportunities for businesses to sell more products to global markets, resulting in countries expanding their export baskets.

In the current world scenario, which is disrupted by the COVID-19 pandemic, it has profoundly impacted global supply chain networks, causing trade globally. In this unprecedented time, trade is essential to save lives and livelihoods, and international co-operation is required to keep trade flowing. As the pandemic caused deep damage to the world market, the World Trade Organization (WTO) has compared it with the 2008 financial crisis. The organization has forecast the fall of global trade by between 13 percent to 32 percent this year.

However, there are several measures taking place across the world to bounce back the world economy. According to OECD (Organisation for Economic Co-operation and Development), there are four things businesses can do amid this uncertainty. 1. boost confidence in trade and global markets by improving transparency about trade-related policy actions and intentions; 2. keep supply chains flowing, especially for essentials such as health supplies and food; 3. avoid making things worse, through unnecessary export restrictions and other trade barriers; and 4. even in the midst of the crisis, think beyond the immediate.

There is no surprise that any crisis with its pessimistic impact on mankind also poses significant opportunities and paves ways for innovation. The outbreak of COVID-19 is not an exception. The pandemic has massively expedited the development and adoption of digital technologies. From telehealth services to delivery robots and everything online, this crisis has driven innovation at an unprecedented rate.

Reports show that e-commerce platforms and online retailers will likely see an increase of 18 percent in sales by the end of 2020, despite the decline in overall retail sales. On the other side, while much of international trade operations are still based on paperwork, the continuing digitization efforts by global importers and exporters have elevated global GDP by 10.1 percent in the past decade. Consider a report from the WTO, international trade costs downgraded by 15 percent from 1996 to 2014 and the emergence of new technologies play a key role in further decreases.

Emerging technologies including AI and machine learning, IoT, and smart border systems, among others, are increasingly acknowledged key enablers of global trade. From introducing digitization to traditional paper-based processes to implementing AI and machine learning solutions, trade operations have considerably been transformed, and now able to optimize delivery routes and envisage consumer demand. Tradetech and other technologies that aim to enable global trade to be more efficient, inclusive, and equitable, has also started to take root.

Further, drones and unmanned aircraft systems have also been used successfully in the facilitation of logistics and transport, which delivered significant advantages, particularly during the COVID-19 crisis. While drones can be more easily maneuvered and used to provide more visibility to the port operators, they can replace humans performing risky and potentially fatal operations.