DMCC of Dubai has recently brought attention to the enormous potential of the global economy in artificial intelligence at $15 trillion. This was disclosed during the Singapore launch event of DMCC’s biennial Future of Trade report. The capabilities of the AI in Trade and Economy: Global trade is expected to increase significantly with AI, especially in the tradeable industries. The report from DMCC shows that the global trade is expected to expand by 2. This means that by 2024, the integration of generative AI along with the increasing trend of e-commerce and digital services trade will enhance the trade’s resilience in the coming years. AI’s potential in the automation of supply chains, improving productivity and lowering costs by means of using big data analysis is believed to revolutionize business model. Sector-Specific Impacts The impact of AI will be most significant in sectors such as: • Computers and Electronics • Machinery • IT Services • Transport Equipment • Electrical Equipment These sectors which are well integrated in the world trade constitute 90% of the current Artificial Intelligence related patent applications. Reginal and Global Influence: The UAE and Singapore that serve as the major trade centers will become more influential owing to the rising regional and bloc trade. Thus, both hubs will be able to leverage on their improved trade infrastructure, market access, and supporting institutional environment for innovation. Leadership Perspectives Dr. Hamad Buamim, Chairman of the Board at DMCC, stressed that technology is a transformative force in global trade and noted that AI could help trade through improving efficiency of manufacturing and logistics, predicting turnover, automating processes and increasing efficiency of trade finance. Feryal Ahmadi, the COO of DMCC, estimated that AI will contribute $15 trillion to the global economy in the next ten years. She encouraged companies to go for digitalization, incorporate AI and find out where it fits best in their business for them to tap on this opportunity. Future of Trade Report The Future of Trade report is the main research piece by DMCC, which aims at exploring the trends defining the further evolution of the world trade with the focus on economic environment, geopolitics, innovations, sustainability, and finances. These findings and recommendations made in the report were presented to the officials of DMCC and the representatives of the International Chamber of Commerce, Pacific Economic Cooperation Council and Coinclan OU during the launch event.
