The Dubai Multi Commodities Center (DMCC) expects the widespread use and adoption of artificial intelligence (AI) to add $15 trillion to the global economy, especially in highly tradeable sectors. This came during DMCC’s participation in the launch event of the annual Future of Trade thought leadership report in Singapore. Meanwhile, the report expects global trade to grow by 2.6 percent in 2024. However, the adoption of generative AI and the surge in e-commerce and digital services trade will drive global trade resilience in the future.
Impact of AI on key sectors
As more businesses and sectors embrace AI to optimize supply chains, enhance efficiency and reduce costs, a new era of data and market insights will allow sectors to capture new business opportunities. The DMCC states that the impact of AI will be most prominent in highly tradeable sectors such as computers and electronics, machinery, IT services, transport equipment, and electrical equipment, which will support the global economy.
Global trade powerhouses such as the UAE and Singapore will see a rise in the influence of AI as the technology advances. This will support both countries’ trade infrastructure, access to global markets, and innovation-friendly regulatory approaches.
“There is a new realm of possibilities to support trade resilience in the coming years, from optimizing manufacturing and logistics management to forecasting demand, automating procedures, and streamlining trade finance,” stated Dr. Hamad Buamim, chairman of the board, DMCC.
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Embracing the transformation
During her participation, Feryal Ahmadi, chief operating officer at DMCC, highlighted the report’s findings, stating that businesses need to embrace the comprehensive digital transformation, incorporate technologies such as AI into operations, and identify the best use cases in this space. Ahmadi states that AI brings huge potential across the value chain to support wider economic growth.
The Future of Trade is the flagship thought leadership report series from DMCC on the changing nature of global trade. The report examines the impact of global economic trends, geopolitics, technology, sustainability, and finance on the future of the trade landscape.
The event gave DMCC’s leadership the platform to share their perspectives on the findings of the report alongside a series of business leaders and trade experts. Key participants at the event included the International Chamber of Commerce, the Pacific Economic Cooperation Council, and Coinclan OU.
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