Artificial Intelligence is revolutionizing the world in multiple ways; one such way is how it is changing international trade. AI is essentially an extension of a human's ability to make informed decisions by harnessing an enormous amount of data. As such, it plays a significant role in transforming the old ways of trading and commerce. In fact, one of the areas where trade has benefited the most from the advent of AI is in forecasting demand and supply chain management. Other areas include customer relationship management and supporting international trade transactions. This paper seeks to shed light on the contribution of AI to trade, which has resulted in the creation of a new term termed smart trade, by discussing its applications, benefits & challenges. More specifically, the results demonstrate that, to some extent, human judgment should still hold some sway in AI, supported decision, making within the world trade as it helps promote more ethical, inclusive, and sustainable trade practices. It is a literary review article that, besides academic literature, also involves the study of published reports, trade documents, and policy papers. One of the promoting factors of trade, the accessibility of data, is heavily supported by AI when it finds useful information in the real, time analysis of large datasets related to trade and commerce. Traditionally firms have relied on periodic market surveys which provide very limited in terms of timeliness, sampling, and measurement errors. Contrarily, data, driven firms take advantage of the fact that AI, powered analytics creates a continuous flow of useful market insights that make the firms the best informed and biggest customers in the market.
Mrs. Pratibha Dattatraya Pudale (Mon,) studied this question.