This paper explores
the transformative potential of blockchain technology, artificial intelligence
(AI), and ISO 20022 in free trade agreements (FTAs), aiming to simplify trade
procedures, amplify transparency, and reduce regional-global trade disparities.
FTAs have significantly contributed to international trade, but bureaucratic
protocols, manual documentation, and noncompliance risks hinder their optimal
operation.
Blockchain technology,
AI, and ISO 20022 can address these challenges by enabling secure, transparent,
and efficient data sharing, streamlining customs procedures, reducing
compliance costs, and mitigating fraud risks. Intergovernmental organizations
recognize blockchain’s potential to enhance trade processes, and AI can further
optimize these processes through automation and predictive analytics. ISO 20022
facilitates interoperability between different blockchain networks and
traditional financial systems.
The paper’s findings
highlight the potential of these technologies to transform global trade through
technological convergence. However, further research is needed to address
implementation challenges and ensure the responsible and secure use of these
technologies in FTAs. This research informs policymakers, industry leaders, and
researchers about the benefits and challenges of implementing blockchain
technology, AI, and ISO 20022 in FTAs.