Five trends that will shape the future of trade in 2017

ACCORDING to the World Trade Organisation (WTO), growth in the volume of world trade is expected to rise to 3.6 per cent this year, despite a tumultuous 2016. Asia remains at the centre of global growth, expected to grow at 5.3 per cent accounting for almost two-thirds of global growth. With increasing economic integration, anchored by new technologies, the shifting economy brings with it emerging trends that are increasingly changing the way businesses operate and how goods and services are traded around the world. Here are key trends that can have an impact on business strategy and goals in the coming years.

Global trade growth may have been moderate in the past year, but is by no means on a downward trajectory. The pace of trade liberalisation will continue and accelerate, through harmonisation of standards and regulations, reducing barriers to free trade.

This is especially so in Asia, with the continued development of the Association of South East Asian Nations (Asean) Economic Community (AEC) and as economies such as Indonesia, Thailand, Philippines and Vietnam continue to grow in importance.