Report: China Crucial in Accelerating Worldwide Digital Trade Growth
The Global Digital Trade Development Report 2024 highlights the swift growth of digital trade worldwide, emphasizing China's pivotal role in driving technological innovation and promoting a connected global economy.
TroibNews 
A recent report has unveiled a significant surge in global digital trade in recent years, with China taking a prominent role in promoting technological innovation and enhancing a connected global economy.
Unveiled on Wednesday during the ongoing third Global Digital Trade Expo in Hangzhou, Zhejiang Province, the Global Digital Trade Development Report 2024 is a joint initiative of the International Trade Centre (ITC) and the Global Digital Trade Expo Committee.
The report indicates that global digital trade soared to $7.13 trillion in 2023, an increase from $6.02 trillion in 2021, reflecting an average annual growth rate of 8.8 percent.
Key players in this expansion of digital trade include the European Union, the United States, and China. Digital trade is defined as the exchange of goods and services ordered or delivered online.
Ashish Shah, director of ITC's Division of Country Programmes, pointed out that the transformative effects of digital trade have broadened from e-commerce to the smooth flow of goods, services, and data.
Furthermore, the report noted that artificial intelligence is influencing digital trade by optimizing supply chains and improving customer interactions.
Small and medium-sized enterprises (SMEs), particularly those in developing nations, are playing an essential role in this growth. Digital tools are providing SMEs with opportunities to compete internationally.
Nonetheless, the swift pace of digital transformation has created challenges, especially concerning cybersecurity, data privacy, and regulatory alignment. The report urged for international collaboration to establish a fair and inclusive digital trade environment, ensuring that all businesses, particularly SMEs, can reap the benefits.
The five-day Global Digital Trade Expo, which is China's sole national-level event dedicated to digital trade, has drawn over 1,500 companies from both domestic and international locations. More than 30,000 purchasers have registered for the event, including over 6,000 from foreign countries and regions.
Ian Smith contributed to this report for TROIB News
Unveiled on Wednesday during the ongoing third Global Digital Trade Expo in Hangzhou, Zhejiang Province, the Global Digital Trade Development Report 2024 is a joint initiative of the International Trade Centre (ITC) and the Global Digital Trade Expo Committee.
The report indicates that global digital trade soared to $7.13 trillion in 2023, an increase from $6.02 trillion in 2021, reflecting an average annual growth rate of 8.8 percent.
Key players in this expansion of digital trade include the European Union, the United States, and China. Digital trade is defined as the exchange of goods and services ordered or delivered online.
Ashish Shah, director of ITC's Division of Country Programmes, pointed out that the transformative effects of digital trade have broadened from e-commerce to the smooth flow of goods, services, and data.
Furthermore, the report noted that artificial intelligence is influencing digital trade by optimizing supply chains and improving customer interactions.
Small and medium-sized enterprises (SMEs), particularly those in developing nations, are playing an essential role in this growth. Digital tools are providing SMEs with opportunities to compete internationally.
Nonetheless, the swift pace of digital transformation has created challenges, especially concerning cybersecurity, data privacy, and regulatory alignment. The report urged for international collaboration to establish a fair and inclusive digital trade environment, ensuring that all businesses, particularly SMEs, can reap the benefits.
The five-day Global Digital Trade Expo, which is China's sole national-level event dedicated to digital trade, has drawn over 1,500 companies from both domestic and international locations. More than 30,000 purchasers have registered for the event, including over 6,000 from foreign countries and regions.
Ian Smith contributed to this report for TROIB News
