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THE FUTURE OF GLOBAL TRADE IS BEING REGIONALISED, RESTRUCTURED, AND REROUTED, DMCC REPORT FINDS
- Accelerated regionalisation to define trade, with the emergence of new rival trade blocs and corridors as deglobalisation takes hold
- ‘Friendshoring’ – the movement of operations to allies – will strengthen inter-regional trading hubs in Asia and North America
- Supply chain restructuring accelerated by rise of global security, protectionism and climate concerns
- AI is driving a paradigm shift as real-world adoption scales rapidly to seek out operational efficiencies and predictive analytics
- Future of Trade survey of 150 business leaders found AI as the most transformative technology for global trade
- UAE emerges in top 10 trade hubs for environmentally sound technologies amid growing importance of sustainability trade
- Report offers recommendations to businesses and governments to drive trade resilience and growth despite uncertainty on headwinds
- Full report can be accessed and downloaded here: www.futureoftrade.com
DUBAI, UAE, May 21, 2024 /PRNewswire/ — Global trade growth and resilience will be maintained in 2024 as an accelerated shift to regionalisation drives deeper bilateral and multilateral partnerships. This will be underpinned by deep supply chain restructuring, modest and uneven goods trade growth, a surge in digital services trade and widespread AI adoption – finds DMCC’s latest Future of Trade 2024 report titled “Decoupled and Reconfigured”.
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https://www.multivu.com/players/uk/9269851-future-global-trade-regionalised-restructured-rerouted-dmcc-report/
Global trade is set to recover from 2023’s minor contraction to grow 2.6% in 2024. Services trade will be a core driver of trade growth, in particular digitally delivered services which are outpacing goods and other services trade growth, while the widespread adoption of AI is primed to enhance supply-side efficiencies and trade finance. However, the trade outlook will face multiple headwinds stemming from geopolitical and macroeconomic risks, such as economic slowdowns in China and Europe, persistent inflation and higher-for-longer interest rates, and continued commodity price volatility.
Dr. Hamad Buamim, Chairman of the Board, DMCC, said: “The world is braced for a series of transformative changes as regional trade ties deepen and novel technologies unlock efficiencies on a level we have never seen before. DMCC’s Future of Trade research sees the strong trends that emerged from the Covid pandemic – such as the widespread adoption of digital services and a shift away from globalisation – accelerate and take hold for years to come. As global trade decouples, regions such as Asia and the Middle East will play an outsized role as new alliances form and supply chains de-risk away from the once common globalisation model. The implications of these shifts are profound, as trade policies and conflicts redraw economic maps in real-time.”
Feryal Ahmadi, Chief Operating Officer, DMCC, said: “The world order is causing supply shortages, rerouting cargo, and adding costs to consumers. Services trade is where we expect a major surge given the new wave of digital services flowing across the world. The opportunities of AI on global trade are tangible today, both in supply chains and trade finance, and the dawn of new advanced forms will only strengthen its impact.”
She added: “Businesses and economies are prioritising resilience in the years ahead given the pressures they face today. This is also creating new regional blocs and trade corridors that are heavily indexing on technological prowess given the importance of semiconductors and AI development to businesses around the world. Trade hubs that get this piece right will find themselves at the nexus of global trade flows for the coming decades. Within this landscape, we will see the UAE and hubs like Dubai play an increasingly critical role, not least in the sustainable technologies space as the world races to decarbonise and the Middle East leverages its competitive edge in the energy transition and its role as a global trade facilitator.”
Regionalisation will be driven by new alliances forged from the pressures of geopolitics, climate and technology. This new era of multilateralism will see the emergence of new trade blocs and corridors. It is a marked departure from the drive to globalisation of the last two decades as corporations prioritise resilience over cost savings and efficiencies.
This trend will be heavily influenced by political events, particularly the US election, which could trigger a new wave of protectionist tariffs. Over the next few years, there will be an increase in friendshoring – the movement of operations to allies, aided by regional multilateral agreements – which will strengthen inter-regional trading hubs in Asia and North America. Fast-growing emerging markets that are pursuing non-aligned strategies will benefit from increased trade in the multipolar landscape.
Supply chain restructuring will accelerate as companies look to de-risk their logistics networks against a global rise in conflicts, economic nationalism and protectionism. This may entail longer shipping routes and elevated costs but prioritises resilience. Emerging markets like Mexico, Vietnam and India are positioning themselves as alternative sources of production to China, in particular for manufacturing goods, as companies shift supply chain segments to their markets. Meanwhile, in the Middle East countries like the UAE are capitalising on their relative political neutrality, advanced trade infrastructure through hubs like Dubai, and geographical position between East and West and North and South to carve out an increasingly prominent role as a trade facilitator in this reconfigured trade landscape.
Climate change is accelerating this trend. Driven by policy, shifting consumer consciousness and extreme weather events impacting trade and production costs, governments and companies are increasingly embracing net-zero commitments. Trade is emerging as a key enabler in the pursuit of renewable energy sources and sustainable technologies. Carbon-pricing regimes are evolving across different jurisdictions and will force companies to internalise the carbon cost of production, which will create new trade opportunities for more sustainable suppliers and drive forward a greener trade landscape. Meanwhile, the acquisition and diffusion of environmentally sound technologies (ESTs) is growing as more countries strive to decarbonise their industries. The UAE has emerged in the top 10 importers of ESTs in the world by value, alongside other major hubs such as the United States, China, the Netherlands, Hong Kong, and Singapore, showcasing its rising strategic and regional importance as a global trade hub in the sustainability transition.
AI is set to revolutionise trade. This will herald a paradigm shift in the operating environment, as businesses use AI to optimise supply chains, enhance efficiency and reduce costs through predictive analytics. AI will bring data-driven market insights to capture new business opportunities, and AI-powered trade finance solutions will streamline transactions. The Future of Trade survey of more than 150 trade leaders and policymakers found that AI is the technology with the most transformative effect on trade.
Beyond AI, semiconductors are poised to be the frontline in the drive for technological supremacy. Beyond their indispensable role in electronics, semiconductors are also integral to the green transition as they are essential components in solar panel cells and electric vehicles. The emerging ‘chip war’ between China and the US will escalate trade tensions and drive further regionalisation as both powers ramp up production and shield their industries.
DMCC’s Future of Trade 2024 report puts forward a series of key recommendations to businesses and governments to accelerate growth and counter any headwinds:
Policy recommendations for businesses:
- Reconfigure supply chains against geopolitical shifts. Diversification of suppliers and investing in alternative and additional sourcing strategies can also help mitigate supply chain disruptions.
- Invest in digital transformation and innovation. Companies that invest in understanding and implementing AI stand to benefit from its revolutionary impact. Those that do not run the risk of losing out to competition.
- Prioritise sustainability at the board level. Businesses should elevate sustainability to the top of the board agenda and integrate ESG frameworks into strategic decision-making to ensure alignment with overall national objectives.
- Mitigate climate-related supply chain risks. Businesses should assess climate risks related to key supply chain nodes and operations and implement risk mitigation strategies such as securing property and casualty insurance coverage.
- Engage with non-traditional finance sources. Businesses, particularly SMEs, should explore non-traditional financing. This includes venture capital, private equity, crowdfunding, and impact investing. Larger businesses can collaborate with development banks on blended finance initiatives and benefit from de-risked lending and access to new markets.
Policy recommendations for governments:
- Build new trade relationships. Encouraging exports to regions with strong growth potential can help build new consumer bases, mitigate the impact of slow global trade growth and enhance resilience against economic fluctuations.
- Invest in digital infrastructure and innovation. Supporting the development of AI technologies and digital trade platforms can unlock new opportunities for economic growth and competitiveness.
- Foster AI adoption and regulation. By fostering innovation and addressing concerns related to privacy, bias and accountability, governments can unlock the transformative potential of AI. This can be achieved through investing in AI research and development, supporting AI education and workforce training programmes and establishing regulatory frameworks to ensure ethical AI deployment.
- Invest in sustainable infrastructure and technology. Governments should prioritise renewable energy projects, upgrade transportation networks and support research and development of sustainable technologies.
- Prioritise all policy and non-policy measures to address the trade finance gap. Governments should prioritise collaborating with international financial institutions and multilateral development banks to increase the availability of trade finance instruments and implement regulatory reforms to reduce barriers to trade finance.
Report launch
Ahmed Bin Sulayem, DMCC’s Executive Chairman and CEO, unveiled the report on Tuesday at the Royal Society of Arts in London, United Kingdom. During the launch event, DMCC’s representatives shared their views on the report alongside a panel of international industry leaders and economists from Hitachi ZeroCarbon, the Industrial and Commercial Bank of China (ICBC) and the European Center for International Political Economy (ECIPE).
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 report series has been viewed and downloaded over 1.9 million times, underscoring DMCC’s growing recognition as a leading voice on international trade.
The report is a synthesis of expert opinions and detailed research on the outlook for international trade. DMCC convened nine global roundtables to seek insights from over 150 industry experts, interviewed trade specialists, analysed survey data and developed its commodity indices.
About DMCC
Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future. www.dmcc.ae
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COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches
HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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Stake and Earn with KuCoin’s Innovative GemPool Platform
VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
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Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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