On Monday, 4 September 2024, the World Economic Forum (WEF) published a white paper examining the influence of generative artificial intelligence (Gen AI) on global trade. According to the paper, Gen AI has the potential to contribute approximately $4.4 trillion annually to the worldwide economy by improving productivity, optimising supply chains, and creating new opportunities for cross-border transactions. In order to realise these benefits, the paper highlights the need for global AI governance to avoid fragmented regulations and increased trade barriers.
Topics explored in the paper cover ethical considerations surrounding the increasing adoption of Gen AI, efficiency gains and integration, regulatory endeavours, ramifications for international trade, transparency and bias, as well as employment and environmental effects. In addition, the paper offers several recommendations, such as the implementation of educational programs, transparent legislative measures, assessment and adaptation of existing trade rules, development of standards to address bias, and further collaboration of international development efforts.
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