Friday, April 07, 2023

Global Trade's Big Future: Digital Services

©iStock/Chainarong Prasertthal
According to a new World Trade Organization report, the growth of cross-border digital trade flows — like e-commerce, video streaming, games and apps — increased four-fold since 2005 and are now valued at some $3.8 trillion. That accounts for more than half of all services trade worldwide.

“This gives us a bit of an indication of where world trade is heading,” says WTO Chief Economist Ralph Ossa told Bloomberg in a recent interview. “The future of trade is in services, particularly digitally delivered services.”

Read more to appreciate how the golden age for electronic commerce is already upon us.

Related to this, read research fellow Kati Suominen's report, "Trust in trade:  Challenges to the global convergence on digital standards," for the Hinrich Foundation.

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