Future of world trade is small businesses, e-commerce: Jack Ma

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Eighty percent of small business will benefit from globalization in the next 30 years, and more than 85 percent of business will be e-commerce in 2030, said Jack Ma, executive chairman of China's Alibaba Group on Tuesday.

In a keynote speech at the opening session of the 2018 WTO Public Forum, Ma also said that 99 percent of trade would be online and less than one percent of trade will be offline by 2030, and the future of world trade is small business and e-commerce.

Executive Chairman of China's Alibaba Group Jack Ma speaks at the opening session of the 2018 WTO Public Forum in Geneva, Switzerland, Oct. 2, 2018./Xinhua photo

He said that technology should not be feared but rather harnessed to develop trade and society.

Much of the current world trade is seen in containers, while in 2020 most of it will be in packages, Ma said.

"Today, we see made in China, made in the US, made in Switzerland. In 2030 we will see made in the Internet," said Ma to loud applause.

Ma's view was echoed by Roberto Azevedo, director general of the WTO.

"More and more trade will be happening through digital platforms. New ways of delivering products will come on stream. New kinds of services will be created," said Azevedo in opening remarks at the forum that each year brings public debate to the WTO here.

Director General of the WTO Roberto Azevedo delivers a speech at the opening session of the 2018 WTO Public Forum in Geneva, Switzerland, Oct. 2, 2018. /Xinhua photo

This year the four-day forum is titled Trade 2030 – a look into the future.

According to the WTO head, new technologies are emerging, while environmental risks are growing that are challenging the way the world thinks about the trade.

"If the proper synergies are in place, particularly regarding public policies, by 2030 the technological revolution could help fuel additional trade growth of around 30 percentage points," said Azevedo.

The WTO chief believes that the fundamental principles still apply, as enshrined in the WTO agreements: "the importance of clear rules, openness, cooperation, and non-discrimination."

(With inputs from Xinhua)