Please ensure you are logged in to access the Member Menu

 Facebook   |   Linkedin   |   Twitter   |   YouTube

Pacific Currents

Pacific Currents is a discussion forum on Asia-Pacific economic issues. We welcome submissions from all stakeholders including academics, researchers, thought-leaders, civil society, business leaders; and other policy experts. Submissions should cover issues related to economic policy and integration in the region. Articles should be written for a general audience and not technical but should have a foundation in objective policy analysis. Articles should also conform with PECC nomenclature - if you are not familiar, the editor will provide you with appropriate guidelines. Acceptance of articles is entirely at the discretion of the Editor. Articles should be in an op-ed format of around 1000 words but longer submissions are also occasionally accepted. Submissions are done in the name of the author and represent their individual opinions and not those of the institutions that they work for. To submit an article, please send in Word format to: info@pecc.org

Digital Technologies, Services and the Fourth Industrial Revolutions

Submitted by Jane Drake-Brockman, Christopher Findlay, Yose Rizal Damuri and Sherry Stephenson

 

From 3D printing (3DP) and artificial intelligence (AI), to cloud computing, 5G, and the Internet-of-Things (IoT), digital technologies are prompting radical new business models offered through digital platforms, that promise unparalled productivity gains and global increases in standard-of-living.

Adoption of new technologies is also impacting traditional demand and employment patterns in highly disruptive ways and radically altering the nature of consumer and business transactions. The changes underway raise major questions for traditional domestic regulatory settings and for trade, investment, innovation and industry policies for the digital age. They point to an urgent need for reform of international trade governance especially at multilateral level. Digitally-enabled trade - lets call it e-commerce - is the big global trade growth story. We are on the cusp of a structural revolution, which ushers in the digital age. The trading system needs to get ready fast.

Services are integral to the industry transformations underway and their cross-border tradability is growing as a result. Recent estimates suggest 50% of traded services are already digitally-enabled compared with 15% of traded goods. Just as services are critical inputs into production of both manufactures and services, trade in digitally-enabled services (digitised services or e-services) is dependent on and underpinned by cross-border data flows. These are growing exponentially, now contributing more to global GDP than traded goods flows1.

Continue reading
  12396 Hits